Barclays set for full-year figures

After a rollercoaster ride of a year in 2013, Barclays’ share price has ended up where it started.

Like all of the major UK banks, Barclays has had its run-ins with regulators on both sides of the Atlantic. Due to these ’legacy litigations‘, chief executive Antony Jenkins has felt obliged to turn down a potential £2.7 million bonus, after a combination of Libor-rigging, PPI and interest-rate swaps mis-selling. These three major indiscretions by the company have undermined its efforts to reposition itself as the retail-client-friendly face of UK banking. The bank’s commitment to change has also resulted in the recent announcement that it will be shrinking its investment banking division by up to 400 people. This is a new headcount-reduction number on top of the 3700 already stated in 2013.

However, some old habits die hard, and Barclays has been the most prolific bank for assisting in stock listings and IPOs. The firm’s corporate finance department was involved with seven of the fifteen new companies that came to the market in 2013.

When Barclays’ figures are released next Tuesday, markets are expecting earnings per share, sales and operating profits to be lower than in 2012. However, pre-tax profits could jump from £797 million for 2012 to £5.6 billion. 

Barclays chart

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

Find articles by analysts