Barclays profit gets boost from deal-making, following Wall Street’s lead

Barclays headquarters in London, England.

Justin Solomon | CNBC

Barclays reported better-than-expected third-quarter earnings on Thursday, after Wall Street rivals received a big boost from its investment banking division.

The Bank of England announced an attributable profit of £1.45 billion for the third quarter. Analysts had expected a net profit of 931.25 million pounds, according to Refinitiv data, and the figure marked a sharp increase from 611 million pounds in the same period last year.

“While CIB [Corporate and Investment Bank] “Performance remains an area of ​​strength for the group, and we are seeing evidence of a consumer recovery and early signs of a more favorable price environment,” Jes Staley CEO Jes Staley said in a statement.

Other advantages:

  • The common capital ratio (CET1) was 15.4%, compared to 14.6% at the end of the third quarter of 2020 and 15.1% in the previous quarter.
  • Group income was 5.5 billion pounds, up from 5.2 billion pounds for the same period last year.

Barclays’ Wall Street rivals Goldman Sachs, Wells Fargo, Citigroup, Bank of America, Morgan Stanley and JP Morgan beat earnings forecasts this quarter on the back of strong investment banking over the past week.

This is a breaking news story and will be updated soon.

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