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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Real-time Estimate Cboe Europe  -  03:15 2022-09-26 am EDT
160.09 GBX   -1.09%
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Factbox-U.S., European banks could lose over $5 billion from risky buyout loans

08/17/2022 | 06:11am EDT
FILE PHOTO: A Wells Fargo bank branch in suburban Denver

NEW YORK (Reuters) - Major U.S. and European banks are facing tougher times in the riskiest parts of the loan market.

The biggest U.S. lenders, including Bank of America and Citigroup, wrote down $1 billion in the second quarter on leveraged and bridge loans as rising interest rates made it tougher for banks to offload debt to investors and other lenders.

Below is a compilation of write-downs that global banks took during the second quarter:

BANK OF AMERICA

Bank of America said it took mark-to-market losses related to leveraged finance positions in the second quarter.

Chief Financial Officer Alastair Borthwick said the market turmoil and abrupt slowdown in the second quarter sparked a downturn in leveraged finance markets, causing a number of deals to get marked down.

CITIGROUP Citigroup Inc wrote down $126 million in the second quarter.

CFO Mark Mason said leveraged finance was under considerable pressure, but noted that Citigroup was not a big player in the market.

WELLS FARGO

Wells Fargo & Co took a $107 million write-down due to a widening of credit spreads.

CREDIT SUISSE Credit Suisse said it suffered mark-to-market losses of 235 million Swiss Francs ($247.45 million) in leveraged finance.

JPMORGAN

JPMorgan took a $257 million markdown on its book of bridge loans.

"I think we made conscious choices here to dial back our risk appetite and accepted some share losses in leveraged finance," CFO Jeremy Barnum said.

DEUTSCHE

Deutsche Bank also took a hit on its leveraged loans book as the dealmaking outlook turned sour with rising interest rates and extreme market volatility caused by the Russian invasion of Ukraine.

Deutsche took a write-down of 150 million euros in the quarter.

BARCLAYS

Barclays marked down some leverage finance transactions as it managed its deal pipeline, said Anna Cross, the bank's finance director.

($1 = 0.9497 Swiss francs)

(Reporting by Saeed Azhar; Editing by Richard Chang)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.37% 31.73 Delayed Quote.-28.68%
BARCLAYS PLC -2.65% 160.5308 Delayed Quote.-13.44%
CITIGROUP INC. -2.90% 44.26 Delayed Quote.-26.71%
CREDIT SUISSE GROUP AG -12.40% 4.071 Delayed Quote.-54.11%
DEUTSCHE BANK AG -4.44% 8.499 Delayed Quote.-21.66%
WELLS FARGO & COMPANY -2.67% 40.41 Delayed Quote.-15.78%
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Analyst Recommendations on BARCLAYS PLC
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Financials
Sales 2022 24 826 M 27 141 M 27 141 M
Net income 2022 4 534 M 4 957 M 4 957 M
Net Debt 2022 - - -
P/E ratio 2022 6,00x
Yield 2022 4,48%
Capitalization 25 778 M 28 182 M 28 182 M
Capi. / Sales 2022 1,04x
Capi. / Sales 2023 1,02x
Nbr of Employees 81 600
Free-Float 99,7%
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Technical analysis trends BARCLAYS PLC
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 161,86 GBX
Average target price 237,20 GBX
Spread / Average Target 46,5%
EPS Revisions
Managers and Directors
C. S. Venkatakrishnan Group Chief Executive Officer & Director
Angela Anna Cross Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Global Head-Compliance Services
Sector and Competitors
1st jan.Capi. (M$)
BARCLAYS PLC-13.44%28 182
JPMORGAN CHASE & CO.-31.08%321 017
BANK OF AMERICA CORPORATION-28.68%254 958
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD.-13.18%208 669
WELLS FARGO & COMPANY-15.78%153 277
CHINA CONSTRUCTION BANK CORPORATION-13.52%150 592