Barclays’ (LON:BARC) bet on investment banking seems to be paying off at home, with the lender closing in on the top spot in the UK’s annual investment banking league tables for the first time since 2012, the Financial Times reports. The news marks a boost for chief executive Jes Staley who has bet on the lender’s IB division as part of his strategy.
Barclays’ share price has advanced in London this morning, having added 0.66 percent to 203.58p as of 10:48 GMT, marginally outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.39 percent higher at 7,520.08 points. The group’s shares have lost more than 10 percent of their value over the past year, as compared with about a seven-percent gain in the Footsie.
Barclays close to top IB sport at home
The FT reported yesterday that new data from industry monitor Dealogic, which was compiled for the newspaper, had suggested that Barclays’ strategy was bearing fruit in the UK. The London-listed lender earned fees of $352 million in the year to date from M&A and capital markets, giving it a 9.1 percent market share, ahead of JPMorgan’s 7.8 percent share and Goldman Sachs’ 6.6 percent. Last year, the UK group’s market share stood at 6.5 percent, behind both JPMorgan and Goldman.
The figures are a boost for Staley, who has been under pressure this year amid an ongoing probe over his efforts to uncover a whistleblower. Earlier this month, news suggested that UK regulators investigating the issue have pushed back their decision a second time, with the probe now expected to be concluded early next year rather than this month.
Analysts on Barclays
Morgan Stanley, which sees Barclays as a ‘buy,’ set a price target of 230p on the stock last week. According to MarketBeat, the company currently has a consensus ‘hold’ rating and an average price target of 206p.