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Barclays CEO: "Small Signs Of Stress" In Consumers: Minor Spread Negative

FINANCIALS

Barclays CEO on Bloomberg TV (BARC LN). Seeing “small signs of stress” in consumers, minor negative for credit, shouldn’t be a surprise but financials have tightened meaningfully in the last week.


  • Indicating that share price was an affirmation of his new strategy (following 20-Feb announcement). Equity has outperformed peers by over 10pp in the month since the strategy update but had been such a weak performer prior to this that it still (marginally) lags over the last 12 months.
  • Only new info is that he’s “seeing small signs of stress in consumers” which shouldn’t really be a surprise but could put pressure on spreads for Barclays, NatWest, Lloyds and the smaller lenders.
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