Apr 29, 2020
Barclays: universal joint
As regulators probe his disclosures about Jeffrey Epstein and the world economy collapses, Barclays looks prepared. First-quarter results temporarily validated Mr Staley's defence of the universal bank model - and his defeat of activist Edward Bramson. Statutory profit before tax was £913m, even after loan loss provisions of £2.1bn. That positive out-turn was solely due to the corporate and investment bank, where earnings surged 44 per cent to £3.6bn. Of Barclays' three earnings drivers - CIB, consumer and credit cards, and the UK retail bank - only the first increased income. It is noteworthy that Barclays believes historically low oil prices require an extra £300m of capital to be set aside. The ex-JPMorgan banker says he has no plans to step down after four tumultuous years at Barclays.
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