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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Let's turn our attention to another big bank, Barclays's reporting numbers,

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Speaker 2: the first of the major UK banks to drop its

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Speaker 2: numbers onto our screens. Let's talk about the numbers before

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Speaker 2: we get to Venkat Investment Bank revenue for the fourth

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Speaker 2: quarter two point sixty one billion, that is ahead of estimates.

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Speaker 2: Pre tax profits also higher than expected at one point

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Speaker 2: sixty six billion. The bank has announced a further share

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Speaker 2: buy backs, but a share buy back this morning ces

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Speaker 2: n Kata Christian joining us now at the Barclays CEO,

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Speaker 2: always the pleasure of Vencak. Good morning. The numbers are

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Speaker 2: better than anticipated this time last year. You announced new targets,

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Speaker 2: you announced new returns to shareholders. He gave the banker boost.

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Speaker 2: Are you ahead with this set of numbers one year

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Speaker 2: on the way you thought you would be?

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Speaker 3: Look, I'm very happy with the results we have demonstrated.

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Speaker 3: If you look at our profits this year for twenty

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Speaker 3: twenty four, it's eight point one billion pounds. It's twenty

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Speaker 3: four percent ahead of the numbers for twenty three. It's

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Speaker 3: based on a six percent growth in revenue, one percent

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Speaker 3: reduction in cost holding impairments flat. If you look more

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Speaker 3: broadly at what we laid out in that three year

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Speaker 3: plan to which you referred, you know, are rote this

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Speaker 3: year we guide it to greater than ten percent. We

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Speaker 3: printed ten point five percent. We announced that greater than

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Speaker 3: ten billion pounds worth of share buybacks and dividends over

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Speaker 3: the next three years twenty four to twenty five, twenty six.

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Speaker 3: And with this share buyback we announced today we've done

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Speaker 3: three billion for this year and we are rebalancing the

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Speaker 3: bank we are. You know, we've deployed about thirteen billion

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Speaker 3: pounds of order WA's into our UK facing businesses. That's

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Speaker 3: about it's more than a third of the thirty billion

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Speaker 3: we've planned. And the Investment Bank, which was fifty eight

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Speaker 3: percent of the bank in order Wa terms a year ago,

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Speaker 3: is now fifty six on its way to fifty which

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Speaker 3: is our target. So so far, so.

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Speaker 1: Good, Vick.

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Speaker 2: We've just been having a conversation with Betina Rollo, the

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Speaker 2: CEO of Comets Bank. She's targeting on rite returnal tangible

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Speaker 2: equacy of fifteen percent by twenty twenty eight. Do you

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Speaker 2: think Barclays could achieve some number similar to that? How

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Speaker 2: high could that figure go? You've got unicredits in the

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Speaker 2: kind of in the high teens. Now, does Barclays have

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Speaker 2: work to do on that number?

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Speaker 3: Well, we already have businesses that are performing well above that.

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Speaker 3: So if you look at the announcement today, our Barclay's

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Speaker 3: UK business has produced twenty three percent our ote for

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Speaker 3: the last year. Our UK corporate bank is in the

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Speaker 3: mid teens, I think sixteen percent. Our private banking and

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Speaker 3: wealth isn't the high twenties. It all depends on the mix,

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Speaker 3: and we are shifting the bank in terms of mix

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Speaker 3: to the higher returning businesses. We've also said that we've

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Speaker 3: put out a plan till twenty twenty six. Twenty twenty

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Speaker 3: six is not an end date, it's a point in

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Speaker 3: time and we'll look forward from there.

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Speaker 4: We had it's creedy in London. Talk to us a

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Speaker 4: little bit about your trading revenue here. I mean, it's

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Speaker 4: not a secret that all the banks on both sides

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Speaker 4: of the Atlantic have gotten a little bit of a

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Speaker 4: boost driven by the volatility from the Trump administration. How

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Speaker 4: long do you expect that to last as we start

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Speaker 4: to see a little bit more complacency creeping into these markets.

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Speaker 3: Yeah, Well, the markets, as you said, Kritie have been

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Speaker 3: quite volatile towards the fourth quarter of last year, which

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Speaker 3: we've reported, and it's stretched into the first quarter of

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Speaker 3: this year. It gives opportunities for our equity businesses. Where

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Speaker 3: I'm standing on the equity floor, and our equity business

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Speaker 3: over twenty twenty four was an outperformer, as was our

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Speaker 3: securitised products business, and we've been gaining market share with clients.

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Speaker 3: Those are the structural things I look for, and it's

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Speaker 3: a structural performance we try to create, and then we'll

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Speaker 3: take advantage of cyclical factors as and when they come.

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Speaker 3: But our plan is based on a very conservative estimate

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Speaker 3: of what the market wallet will be.

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Speaker 4: Let's stick with the Trump theme, perhaps from a different

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Speaker 4: angle here. There's a big expectation in these markets and

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Speaker 4: in these banks that the deregulatory agenda from the United

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Speaker 4: States is going to have a spillover effect into Europe

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Speaker 4: and into the UK, even pushing some of the regulators

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Speaker 4: on this side of the pond into loosening some of

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Speaker 4: those strings. How are you thinking about that? Is that

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Speaker 4: spillover effects something you're seeing tangibly in the first few

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Speaker 4: days of Donald Trump.

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Speaker 3: So the regulatory agenda in the US has been pretty

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Speaker 3: well signaled by President Trump before he came into office,

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Speaker 3: and it started to be enacted in the UK and Europe.

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Speaker 3: You're already seeing in the UK examples of the government

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Speaker 3: taking the line towards a more fairly balanced regulatory profile.

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Speaker 3: They've spoken about in the UK the Competition and Markets

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Speaker 3: Authority and what's called the Financial Ombudsman Service. I expect

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Speaker 3: that you will see some rebalancing, but you know, I

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Speaker 3: should say that we want the rebalancing in the context

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Speaker 3: of strongly regulated markets. We think all the major banks

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Speaker 3: as included good our advocates of a well regulated financial system.

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Speaker 3: It's what makes London great, and so there should be

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Speaker 3: some rebalancing. But in the context of a well regulated

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Speaker 3: financial system.

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Speaker 1: Good morning to Banka. Sticking with the theme of what

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Speaker 1: changes in the United States might bring, there's been a

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Speaker 1: lot of expectation going into another Trump administration that perhaps

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Speaker 1: we get more M and A, that the animal spirits argument.

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Speaker 1: But then there's also a lot of uncertainty what the

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Speaker 1: conversations around M and A look like.

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Speaker 3: To you, yeah, I think you're absolutely right. There's a

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Speaker 3: balance that's going on. On the one hand, what you've

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Speaker 3: got is deregulation, which allows companies to think more confidently

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Speaker 3: about whether the choices that they make will indeed be

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Speaker 3: permitted by the government. Then you still have a relative

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Speaker 3: stability in financial markets, both in interest rates and in

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Speaker 3: credit spreads. And then lastly, though, you've got tariffs, which

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Speaker 3: introduces questions regarding particular countries in particular industries. So I

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Speaker 3: think companies are going to have to balance the three

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Speaker 3: and over time we will get a clearer picture. It's

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Speaker 3: too soon to tell, too soon.

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Speaker 1: To sell on that one. Let me ask you, Christy

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Speaker 1: was asking you about trading revenues. You talked in glowing

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Speaker 1: terms about the equities team. I wonder what comments you

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Speaker 1: have on FICK revenues this morning. I see that for

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Speaker 1: the fourth quarter the number came in a little below

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Speaker 1: what some of the analysts were looking for. Is there

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Speaker 1: any explanation you can reach for their venct.

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Speaker 3: Look, the fixed income is the great strength of Barclays.

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Speaker 3: It's you know, the house of Barclays was built on

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Speaker 3: fixed income. We had a weaker start at the start

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Speaker 3: of the year, but especially in our European rates and

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Speaker 3: our macro businesses, it's been picking up through the year

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Speaker 3: and into the fourth quarter. Our securitized products business in

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Speaker 3: the US has been particularly strong, so I'm very confident

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Speaker 3: about fixed income performance going forward.

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Speaker 1: Okay, confident about the performance. Thank you very much, Benkat,

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Speaker 1: thank you for joining US. Barkley CEOCSN Category Nan with

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Speaker 1: us to talk about those results this morning.