Investment Bank Wetherby Europe, Barclays, Pitches discussed on Politics and Public Policy Today
Grasso I'm, Ed Baxter stronger-than-expected investment Bank earnings are giving Barclays, CEO Jess, daily big boost today as he tries to fend off an activist investor and pursue his own plans for the. Bank he spoke with Bloomberg's Anna Edwards earlier. Today I think we feel very good about how the Bank performed overall one of the best quarters we've had in many years to generate a twelve, point three percent return on tangible equity is a great result over one, point four billion pounds of after tax. Earnings but as across the, board Barclays UK consumer business did quite well or national card business did quite. Well And the corporate and investment Bank did well particularly investment banking. Side and the markets business yes so you. Know there's always a lot of attention on the fixed income side of things so I want to ask you about Fiqh revenues they look to be, in line with estimates and a little bit weak and perhaps than some, of the growth reported by Wall Street. Pitches is does that does, that hurt or is that not what your what you're worried about this morning The overall, markets revenue for the, investment Bank on dollar terms was up fifteen percent that would be one of the best performances of of an. Investment Bank Wetherby Europe or the, US so we feel very good, about that as you said led by our, equities group which was up some thirty seven. Percent. Are fake revenues, were up one percents which we think was pretty good given given the. Nature of the quarter overall we're gaining market share. For the third quarter in a row but also very importantly as we point out the return on equity in the markets business with this sort, of performance is double digits it's above our cost of capital and that's important given are status The currency Katie Matt. That incentive what when you when you just can ask him whether this is a business. That he's now, running free in, your in your words Jesse spikes one, of my colleagues recently and you said that, that was the shift of. The Bank that. Was what the rest of this year would have in store you. Had a free from the legacy issues and we could see what this business can deliver running free. Is this Barclays running free, already or do we have to wait this is Barclays running free I think you. You bring up a very good point this is really one of the first quarter is where we. Are clear of the legacy issues there's no more restructuring, there's no more cost to achieve is no more major, legacy issue hanging over. The Bank the Bank is, as you said running free and we delivered one point four billion pounds. Plus, an after tax earnings a strong double digit return it feels, good and and and, now we have this diversified consumer and wholesale Bank it's got the strength of that diversification over forty percent of. Our business comes out of the, US we've got a terrific consumer Footprint and corporate footprint here in the UK so it's got that. Balance a diversification now. It's delivering the profitability and we talk about what your shareholders looking for the moments and. You've of course, had said.