Reuters Insider - UK banks set for grim results

Major Holdings

25/04/2016 17:35

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Britain's top banks are set for one of their worst 
                     Q1 earnings seasons since the financial crisis,   
                     adding to their struggle to win over investors.   
 
 
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Transcript (May be auto-generated)

                 Britain's top banks are set for one of their worst first-quarter earnings 
seasons since the financial crisis. Most analysts bracing for the 'big five' to 
post ugly results. After collectively seeing their shares fall about 11% this 
year. The operating environment over the course of the first quarter of 2016 has
been very, very awkward, banks have been mired in the misspelling of product 
protection insurance. And then of course there is the impact of tighter 
standards associated with the international agreements. Brexit fears are also 
looming, with the odds in that vote moving sharply in favor of staying in the 
EU. That after Barack Obama warned that Britain would be "at the back of a 
queue" for a new trade deal with the States if it left the bloc. Even so, 
uncertainty over the outcome is weighing heavily. With most banks keeping 
relatively quiet on the debate in their annual reports. Investors just don't 
want to touch bank stocks until the vote has happened on June 23rd because they 
are concerned about, if the UK were to exit from the EU that would be bad for 
the economy and therefore bad for banks. So they'd rather wait and see. Major US
peers have already set the tone for a dismal quarter. Goldman Sachs posting 
plunging profits last week, as market volatility hit its bond trading and 
investment banking businesses. On Tuesday, Standard Chartered will be the first 
UK lender to face the music. Just two months after announcing its first annual 
loss in 26 years. It's likely to set the tone for a very bleak 2016