Barclays 30th European Financials Conference Key Takeaways

Barclays management presented a strategy focused on capital reallocation toward the UK and US consumer businesses while maintaining capital discipline in the Investment Bank. Goldman Sachs maintains a Buy rating with a 630p price target.

Key Takeaways

• 1.Barclays management reiterated its >5% lending CAGR ambitions for the UK business, supported by low debt-to-GDP ratios and positive business confidence indices.
• 2.The Investment Bank (IB) is focusing on capital discipline, shifting toward capital-light revenues in M&A and ECM and diversifying into Equity Derivatives.
• 3.The US Consumer Bank (USCB) is being positioned as a full consumer model with lower funding costs and expanded unsecured lending via the Best Egg acquisition.

Table of Contents

• European Financials Conference
• Key Takeaways
• Valuation/Risks
• Investment Thesis
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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