Barclays (BARC.L) hinted at major cost cutting to come later this year, as it reported a third quarter profit that narrowly beat expectations but flagged pressure on its margins from competition for savers.
hinted at major cost cutting to come later this year, as it reported a third quarter profit that narrowly beat expectations but flagged pressure on its margins from competition for savers.
"These results are likely to lower market expectations further for UK banks, and we see a negative read-across for Lloyds and Natwest," banking analysts at JPMorgan said in a note, citing the margin pressures flagged by Barclays. The bank said its net interest margin, a key measure of profitability, in its British retail bank would now likely come in at between 3.05%-3.1%, below previous guidance of around 3.15%, as political pressure to help savers and sticky inflation curb profits from lending.
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