Barclays' (BCS) CEO Jes Staley on Q3 2016 Results - Earnings Call Transcript

Oct. 29, 2016 4:47 PM ETBarclays PLC (BCS)
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Barclays PLC (NYSE:BCS) Q3 2016 Results Earnings Conference Call October 27, 2016 4:30 AM ET


Jes Staley - Group CEO

Tushar Morzaria - Group Finance Director


Chris Manners - Morgan Stanley

Tom Rayner - Exane BNP Paribas

Andrew Coombs - Citigroup

Michael Helsby - Bank of America Merrill Lynch

Chris Cant - Autonomous

Fiona Swaffield - RBC

Martin Leitgeb - Goldman Sachs

Jonathan Pierce - Exane BNP Paribas

Fahed Kunwar - Redburn

Chintan Joshi - Mediobanca

Peter Toeman - HSBC

Jes Staley

Good morning, everyone. And thank you for joining this 2016 Third Quarter Earnings Call.

The performance we have reported today represents a period of strong progress against our strategy as we outlined on March 1st, and we have moved another stride closer towards completing the restructuring of Barclays, a restructuring that will create a simplified bank producing high quality returns for our shareholders, and on a sustainable basis.

Looking at each of our strategic priorities, we have cause to be encouraged. First, our core businesses continue to perform very well, with a combined return on tangible equity, excluding notable items, of 10.4% for the third quarter. And our underlying core profit before tax increased 16% compared to the third quarter of 2015. The majority of that improvement in profitability came from our Corporate and Investment Bank, driven in large part by very strong performances in Credit Trading and Macro, where these two desks have generated 40% greater revenue this quarter than in the same quarter last year.

Barclays UK continues to perform very well, producing an impressive underlying return on tangible equity of 21.1%. We have remained resolutely open for business since the Brexit vote in June, as our personal banking customers and business clients have continued to seek our support and advice. During the quarter, Barclays made over 100,000 consumer

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