Barclays Publishes Q3 2026 Results Sell-Side Analyst Meeting Transcript

By Public Technologies
  • Barclays held its Q3 2026 sell-side analyst meeting on November 10, attended by Group Finance Director Anna Cross, treasury executives and analysts.
  • Cross expects net interest income growth into 2027, with emerging consensus for Group and UK net interest income broadly appropriate.
  • Costs are expected around £18.4 billion in 2027, with investment spending accelerated; the 2028 cost-to-income ratio target remains in the low 50s.
  • The UK banking surcharge increase should add £100 million to 2027 taxes, partly offset by a £75 million benefit in Q4 2026.
  • Fourth-quarter fixed-income trading conditions remain difficult, though several positioning issues from late Q3 have worked through.


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