Barclays has seen the back of Edward Bramson, the activist investor, but it’s having a harder time convincing remaining shareholders of the merits of its universal banking model. Its stock has been whacked with a much stingier valuation than those of Lloyds and NatWest, its closest publicly listed peers.
On the surface, conditions are brighter for shareholders than they have been for many years. A much lower level of impairments — of only £120 million, compared with £608 million this time last year — boosted pre-tax profits by almost three quarters during the three months to the end of September. That was some way above analysts’ expectations.
The regulatory capital position is above the bank’s own target, too, implying about £5.8 billion in surplus
