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Speaker 1: Chief executive officers are of Barclays. Venkatt, thank you for

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Speaker 1: joining us.

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Speaker 2: There's a lot going on.

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Speaker 1: We were just looking at the news that Quity was

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Speaker 1: bringing to us about, of course some of the attacks,

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Speaker 1: the fact that we don't see any de escalation for

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Speaker 1: the moment in geopolitics. What does this all mean for

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Speaker 1: how you expect markets to behave and so the impact

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Speaker 1: on banks.

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Speaker 3: Yeah, I think it's one of the very tough questions.

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Speaker 3: And I think if you look over the last two

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Speaker 3: years frand seeing one of the things we've seen is

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Speaker 3: wherever whenever we sat here a year ago, two years ago,

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Speaker 3: whoever sat here would have a view of how the

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Speaker 3: year would pan out, and what happened was very different.

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Speaker 3: We didn't expect the Ukraine War, we didn't expect the

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Speaker 3: terrorist attacks, the awful terrorist attacks in Israel last year.

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Speaker 3: We didn't affect the bank, expect the bank crisis. I

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Speaker 3: think more we should scenario plan and I think it's

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Speaker 3: going to be a bumpy year. But more than anything else,

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Speaker 3: we've got to be resilient. We've got to be prepared

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Speaker 3: to react to news.

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Speaker 2: What does this mean for Barclays?

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Speaker 1: So you talked about billion in structural savings was that

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Speaker 1: your third quarter yours have an investor update February twenty

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Speaker 1: is what are you looking at?

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Speaker 3: So the most important thing in any bank, of course,

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Speaker 3: you start with a platform of strong capital, which we

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Speaker 3: have strong liquidity, good risk management, and that risk management

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Speaker 3: is to allow you to react to the way the

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Speaker 3: world is changing. And then on top of that, you've

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Speaker 3: got to run your businesses extremely well, manage your costs

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Speaker 3: so that you can deal with fluctuations in revenue and

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Speaker 3: produce good returns to your shareholders and to your investors ultimately.

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Speaker 3: And that's what our investor is about to tell people,

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Speaker 3: how are you going to do that?

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Speaker 1: So we can expect more than the one billion in

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Speaker 1: structural saving. We can expect something. Is it going to

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Speaker 1: be radical or is it going to be steady?

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Speaker 3: As she goes, well, we're going to have to be

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Speaker 3: more efficient, and that one billion in structural savings was

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Speaker 3: one part of that. And as we continue to look

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Speaker 3: at our businesses, we will continue to strive for efficiency,

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Speaker 3: efficiency and cost improvement in the quality and types of

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Speaker 3: revenue running the business.

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Speaker 1: Well, if I get what can you tell us about

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Speaker 1: the investment bank? So again you've been very.

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Speaker 2: Attached to it. There's always questions about what happens to

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Speaker 2: it at Barclays.

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Speaker 3: So I think the investment bank has been extraordinarily successful.

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Speaker 3: We have had a strategy over a number of years

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Speaker 3: to do investment banking and to do it well, and

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Speaker 3: we are the leading investment bank domicile outside of the

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Speaker 3: United States. And what I find in my travels, especially

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Speaker 3: in the world and the geopolitical world in which we live,

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Speaker 3: is people are looking for a partner and a counterpart

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Speaker 3: who's not just a US bank, and if they had

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Speaker 3: to pick one, they tend to pick British banks, and

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Speaker 3: we are a strong British bank, the only British bank

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Speaker 3: really engaged in investment banking in its broadest sense. And

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Speaker 3: part of it is picking London. And I'm very optimistic

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Speaker 3: on London and the UK. London has been a global

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Speaker 3: financial center for three hundred years. We've been part of

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Speaker 3: that for three hundred years, and so I'm optimistic that

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Speaker 3: both our clients value that and it'll be good for UK.

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Speaker 2: You've got we've gone through a rough pat really.

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Speaker 1: Barclays is also because of the QIA selling off their stake.

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Speaker 1: Do you see it getting easier and better ahead. And

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Speaker 1: what kind of message do you want to give to shareholders?

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Speaker 3: Well, first of all, I think the valuation the stock

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Speaker 3: price today does not reflect the potential of our company

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Speaker 3: and our capabilities, and that is the message I want

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Speaker 3: to give, and I want to tell people how we're

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Speaker 3: going to realize that potential.

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Speaker 1: And it's something that will listen again, is it? I

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Speaker 1: guess the question is how drastic right now do you

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Speaker 1: need to be or is it just an adjustment period

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Speaker 1: that they need to see the results.

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Speaker 3: Well, certainly they need to see the results, I think

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Speaker 3: more than anything else, these things are a bit of adjustment,

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Speaker 3: a lot of hard work, a lot of persistence, and

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Speaker 3: a lot of effort, and you have to sustain it.

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Speaker 1: There's a lot of questions about auto financing and regulators

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Speaker 1: looking into that.

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Speaker 2: How big a deal will this be for Barclays?

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Speaker 3: So we have said that we've been a very small

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Speaker 3: fraction of the complaints, only about three percent if I

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Speaker 3: remember to the complaints. We got out of the auto

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Speaker 3: finance business in twenty nineteen, and we were even before

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Speaker 3: that a relatively smaller player in that business.

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Speaker 1: What do you get asked the most when you speak

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Speaker 1: to big shareholders. I imagine you met some of them

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Speaker 1: here at Devils. Do you know why the QIA actually

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Speaker 1: sold off the stake?

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Speaker 3: But I'm not going to comment on individual shareholders, but

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Speaker 3: I do think that they are asking the questions we

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Speaker 3: aim to answer, which is, what do you think your

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Speaker 3: financial return targets are, how do you look to achieve them?

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Speaker 3: How do you manage to run this bank in a

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Speaker 3: sustainable way? How are you managing through the period we have?

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Speaker 3: And you know our financial risk management touchboard has been

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Speaker 3: fairly strong over a number of years.

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Speaker 1: But there are a number of questions also about the UK,

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Speaker 1: right the City of London, which you're bullish on, yes,

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Speaker 1: but do you know we're an election here. There's a

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Speaker 1: lot of questions on some of the offers that the

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Speaker 1: City of London needs to put in place to really

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Speaker 1: come up front. Are they doing the right things? Are

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Speaker 1: you really confident that the UK will get better after this?

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Speaker 3: I do think UK has been doing well. Growth has

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Speaker 3: been not great, but it's not as great as the

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Speaker 3: US or as strong as the US, but it's stronger

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Speaker 3: than many other countries in the world. It has, as

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Speaker 3: you know, an excellent foundation of talent, of capabilities and

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Speaker 3: which is why it's a global financial center. I also

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Speaker 3: think the really important thing is that political risk in

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Speaker 3: the UK is almost less than it's ever been in

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Speaker 3: our living memories. You know, the election, whenever it happens,

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Speaker 3: is between two parties who are fairly similar in their

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Speaker 3: economic programs and in the way they want to approach

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Speaker 3: financial markets and the banks and the City of London.

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Speaker 3: So this is not the Labor Party versus Margaret Thatcher

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Speaker 3: from nineteen seventy nine, Right, it's a very different election.

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Speaker 2: What can jills about hiring but also layoffs this year?

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Speaker 2: Is it? You know there's bonus season coming up? How

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Speaker 2: much are you focused on that?

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Speaker 3: Look, we always are in the market for very good talent.

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Speaker 3: We try to hire people with a very long term view.

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Speaker 3: At the same time, you've been hearing a lot here

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Speaker 3: about technology and productivity and efficiency, and we are looking

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Speaker 3: to make the bank more efficient. So we will we

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Speaker 3: will continue to manage our costs very carefully, and we

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Speaker 3: will continue to try to find the right talent for

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Speaker 3: the bank for today, for the next five years, for

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Speaker 3: the next ten years,