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Chancellor Rachel Reeves has summoned the leaders of major UK banks, including Barclays, HSBC, Lloyds, NatWest, and Nationwide, for discussions on the government's economic growth agenda. The meeting, set for Wednesday, will focus on Labour's financial services growth strategy, a key component of the broader industrial strategy being developed by ministers.
Chancellor Rachel Reeves is convening leaders from major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth agenda, focusing on financial services and the mortgage market. This meeting coincides with the banks' full-year results reporting season and follows a recent downgrade of the UK's growth forecast by the Bank of England. Key topics are expected to include mortgage lending, housing market stability, and financial services innovation, amid concerns over existing mortgage lending restrictions and their impact on financial stability.
Chancellor Rachel Reeves has summoned the CEOs of major UK banks, including Barclays, HSBC, and Lloyds, for discussions on the government's economic growth strategy. The meeting aims to gather fresh ideas to stimulate the economy amid recent growth forecast downgrades and pressures for potential tax increases. As banks prepare to report their full-year results, Reeves is focused on removing barriers to growth set by economic regulators.
Shareholders of Barclays and NatWest are anticipating annual results amid a positive trading environment, with Barclays expected to report a pre-tax profit of £8.1bn, up from £6.6bn, and a dividend of 8.6p per share. NatWest is forecasted to post a pre-tax profit of £6.1bn, slightly down from £6.2bn, benefiting from lower impairments as interest rates ease. Both banks will address the impact of recent interest rate cuts on their trading outlook.
Barclays customers are experiencing a third day of service disruptions due to an IT issue that began on Friday, affecting online and mobile banking. The bank has acknowledged outdated balances and missing payments, assuring customers that no one will be left out of pocket and that ATMs remain operational. Barclays is working to resolve the problem and has extended call center hours to assist affected customers.
HSBC's mobile app Zing, launched to compete with fintech rivals, attracted nearly 131,000 customers but had only 8,736 active users before its closure, falling short of targets. Analysts criticized the app for lacking differentiation from HSBC's existing services, highlighting the challenges traditional banks face in the digital space. The bank's decision to shut Zing aligns with its broader strategy to simplify operations, reflecting a struggle to keep pace with agile fintech competitors.
A significant outage at Barclays has left customers unable to access online banking and make payments, prompting frustration and calls for account switches. Meanwhile, high street stores are set to close, and police have seized thousands of XL Bullies, incurring substantial costs. Additionally, new car tax changes and potential savings opportunities from various banks are highlighted.
JPMorgan has maintained an "Overweight" rating for UBS with a price target of 34 francs, despite concerns over European banks' net interest income due to weaker economic growth and a recent ECB interest rate cut. Analyst Kian Abouhossein highlights the sector's attractive valuation, naming Deutsche Bank, UBS, Intesa Sanpaolo, and Natwest as his top picks.
Barclays’ share price, currently at £2.94, may be undervalued despite trading near its 12-month high. With a price-to-earnings ratio of 10, it appears overvalued compared to peers, yet it shows undervaluation on price-to-book and price-to-sales ratios. Analysts forecast a 10.86% annual earnings growth through 2027, supported by the Bank of England's pro-growth reforms, suggesting potential for price appreciation and increased dividends.
Customers of Barclays, HSBC, Lloyds, and Natwest are urged to maximize their savings returns, as current rates at these banks are significantly lower than market alternatives. Experts suggest exploring various savings accounts, with some ISAs offering rates over 5%, compared to Lloyds' 1.15%. For those saving £20,000 annually, switching could yield an extra £640 in interest, highlighting the importance of utilizing personal and ISA savings allowances effectively.
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chancellor meets bank leaders to discuss economic growth strategy
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