BARC Barclays Plc

1002 GMT - Barclays is among the most mentioned companies across news items over the past six hours in the United Kingdom, according to Factiva data. The British bank's shares fell as much as 8.7% in morning trade after it said it is eyeing cost-reduction measures that could lead to extra charges in the fourth-quarter. "Fixing that comes at a cost to buyback potential but to the benefit of future competitiveness, ROTE and capital generation," UBS analysts say in a note. Management is set to give out more details and share revised financial targets at its full-year results in February. Investors were also disappointed by another guidance cut for its 2023 U.K. net interest margin, though Shore Capital notes that this part of the business accounts for one quarter of total group income--while it usually accounts for around three quarters for domestic peers--so the impact should be relatively small on overall revenues. The lender posted an on-year fall in third-quarter net profit but the figure was ahead of analysts' expectations on lighter-than-expected provisions for bad loans. The stock is the worst performer of London's blue chip index, dragging shares of U.K. peers NatWest and Lloyds Banking lower. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 24, 2023 06:18 ET (10:18 GMT)

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