It has been difficult to view Barclays’ valuation gap as an opportunity. A slump in investment banking activity, a higher cost base and a reputation for litigious surprises have held back the lender’s performance.
Barclays’ shares traded at a 56 per cent discount to its tangible net assets at the end of September, which scarcely falls to 55 per cent below the TNAV forecast at the end of this year. That is wider than any other London-listed lender.
A strategic review of its costs and structure has been trailed for February. The bank is reportedly devising plans to cut costs by as much as £1 billion over several years, which may result in the loss of between 1,500 and 2,000 jobs across the group. Barclays
