Barclays Meets Third-Quarter Profit Estimates

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Oct. 30 (Bloomberg) -- Christopher Wheeler, banking analyst at Mediobanca, examines third-quarter results from Barclays as profit met analyst estimates. He speaks on Bloomberg Television’s “The Pulse.”

Bank is saying in the tail.

But what have we learned and what do we need to learn from this bank's management?

Good morning.

Sorry i'm not with you in person.

We have the call in about 15 minutes with the management.

I think what we learned today is something we have been talking about for some time.

A widespread business, a well diversified business base like jpmorgan in a way.

What we saw today was the weak investment numbers, as we expected.

The good news is clearly that the u.k. banking did better or better than expected and we saw the losses in the euro banking space.

Very strong equity.

Chris, try and put everything into context.

It is unclear to me what barclays is going to look like four or five years from now?

Are they going to be some kind of anglo saxon bank?

Do they have to go stronger to the merging markets?

Will they still be an investment bank?

I think it is very clear at the moment jenkins wants to be a universal bank, a global investment bank and he wants to have a number of very strong other businesses.

Barclays is an international business.

Africa, which they have a lot of hope with now that they have merged with barclays operations.

I think it is going to be a business really much in the shape we see at the moment but where the cost base has been pushed down.

He will give guidance on costs for the next three years.

We don't often get that.

I think it is going to be a leaner business.

However, there are plenty of hiccups on the way as we saw yesterday from deutsche bank and u.b.s. chris, i'm fascinated by the litigation story at the moment.

It appears to be for many institutions open-ended.

Deutsche hoped to put its capital issues to bed.

It hasn't clearly.

Barclays still facing significant challenges.

The mood suddenly seems to be changing.

You listen to what governor carney had to say only a few days back maybe the politicians have got on the the point where they are happy to stop bashing the banks.

The fallout of the legal issues is going to be so long, you wonder how those two fit together.

It is difficult for the banks to deal with.

Unfortunately as they get stronger, we see barclays.

The problem is their pockets look deeper and it is tempting to go after those banks and i think that is unfortunately going to continue for sometime.

Again, as governor carney said, he made noises how he was keen to make sure liquid city in the market.

We heard from lloyds yesterday about how they are looking to grow the business banking book as we had we see a stronger economy.

You this two-way pull on the one hand, as the banks get stronger, litigation will continue.

I think we are at the stage now where the economy is getting better.

Chris wheeler, banking analyst at mediobanka.

Coming up, executives are descending on dublin.

We're live from the website.

Bloomberg is at another big summit today run by g.e. we'll brick bring in an interview with jeff immelt later on bloomberg tv.


This text has been automatically generated. It may not be 100% accurate.


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