Opinions Gavin Graham
Barclays Bank PLCBCSSELLOct 19, 2016
Gavin GrahamStock price when the opinion was issued
As of Jun 23, 2026. Market Open.
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Premium contentPremium contentBest European bank? European banking is difficult, given negative interest rates. Best in class is Barclay's for its investing banking business or Lloyd's Banking. There should be more consolidation here, but it's difficult in Europe (look at ATD'B trying to buy Carrefour this month).
Likes it. They bought Lehman, which had investment banking but was really a bond house, so Dodd-Frank caused a lot of capital issues and restrictions. New management is doing a good job by sticking with investment banking and have a great retail franchise in the UK, and they exited businesses around the world that didn't work out. They're going all the right things, though Brexit creates uncertainty. Great credit card business. It will do well, but have to get past Brexit early next year.
The difficulty with buying things before BREXIT is that you were buying it with a pound that was at its highest level in 18 months. It is up 15% post BREXIT because 75% of its revenues are from outside the UK, and it benefits from the weaker pound. However, the banks are really not a place you want to be if the UK housing market starts to pull back.