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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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139.33 GBp   +0.61%
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Barclays : to announce 'bad bank' next week - source

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04/30/2014 | 03:44am EDT
A logo of Barclays bank is seen outside a branch in Altrincham

(Reuters) - British bank Barclays Plc will next week announce the creation of a bad bank portfolio of assets it deems non-core that it intends to sell or run down as part of a streamlining of its investment bank, a person familiar with the matter said on Tuesday.

Last year, Barclays Chief Executive Antony Jenkins announced a portfolio of assets termed Exit Quadrant, that it aimed to get rid of; and these assets are likely to go in the non-core portfolio along with commodities assets following last week's decision by the bank to exit that business, the Financial Times said.

The source said the details had not been finalized and asked not to be named before the plan is announced on May 8.

There are 54 billion pounds ($90.97 billion) of assets in the Exit Quadrant portfolio.

The Financial Times, which first reported the plan to set up a so-called bad bank of assets, said it is also likely to house parts of Barclays' macro products unit, which includes the trading of interest rate-linked products, currencies and commodities, and some or all of Barclays' retail banking businesses in France, Italy, Spain and Portugal.

Barclays declined to comment.

Full details of assets to go in the non-core business will be released in a strategic update on May 8. The internal bad bank will be run by Eric Bommensath, the co-head of Barclay's investment bank.

The news comes hours after one of the British bank's top dealmakers quit as head of its Americas business, in another blow to Barclay's investment banking arm. The former Lehman Brothers banker's exit is likely to raise concern that some of his former Lehman colleagues will follow him out the door due to complaints about pay and the future plans for the business.

His departure coincides with pressure on Barclays Chief Executive Antony Jenkins to cut staff pay after shareholders last week rebelled against a decision to increase bonuses.

(Editing by Robin Pomeroy, Bernard Orr)

By Steve Slater and Richa Naidu

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Financials (GBP)
Sales 2019 21 270 M
EBIT 2019 7 513 M
Net income 2019 3 531 M
Debt 2019 -
Yield 2019 6,50%
P/E ratio 2019 6,61x
P/E ratio 2020 5,99x
Capi. / Sales2019 1,12x
Capi. / Sales2020 1,08x
Capitalization 23 874 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 189,42  GBp
Last Close Price 138,48  GBp
Spread / Highest target 102%
Spread / Average Target 36,8%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
John McFarlane Group Chairman
Paul Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
John Stecher Chief Innovation Officer
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