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Barclays

Barclays is a universal bank headquartered in the United Kingdom. It operates via five principal segments; UK (retail), UK corporate bank, private bank and wealth management, investment bank, and us consumer bank. In its UK segment, the bank provides current accounts, mortgages, savings and investment management services, credit cards, and business banking services to retail clients and small and medium-size enterprises. The international segment includes a corporate bank offering banking solutions to large corporates, a bulge-bracket global investment bank, and a credit card and payments business.

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Shares of banks and financial services stocks are trading higher. The sector has gained amid the 2024 US presidential election results.

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Shares of banking and private equity stocks are trading higher after Donald Trump won the US presidential election.

Barclays shares are trading higher after the company reported a year-over-year increase in Q3 sales results.

Earnings

News

Barclays Delivered A RoTE Of 12.3% In Q3 2024 And 11.5% In Q3 YTD

Group Financial Targets and Outlook: 2024
&bull; Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity1 &ndash; The cumulative impact of all inorganic activity on FY24 Group RoTE is currently expected to be broadly neutral, as an estimated net gain upon the completion of the Tesco Bank acquisition in Q424 should broadly offset the losses on disposals from our Italian retail mortgage portfolios as well as from the disposal of the German consumer finance business
&bull; Income: targeting Barclays Group NII excluding IB and Head Office of greater than &pound;11.0bn (previous target of c.&pound;11.0bn), of which Barclays UK NII is now c.&pound;6.5bn(up from previous target of c.&pound;6.3bn)3
&bull; Costs: targeting Group cost: income ratio of c.63%, which includes c.&pound;1bn of gross efficiency savings in 2024
&bull; Impairment: expect an LLR of 50-60bps through the cycle
&bull; Capital: expect to operate within the CET1 ratio target range of 13-14%

Guidance

Barclays 2024 Outlook: Sees Barclays Group NII Excluding Barclays Investment Bank And Head Office Of £11B; Expects RoTE Of Greater Than 10% In 2024 And 10.5% Excluding Inorganic Activity

Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) reported quarterly earnings of $0.56 per share which missed the analyst consensus estimate of $0.71 by 21.13 percent. The company reported $8.513 billion in sales this quarter. This is a 7.45 percent increase over sales of $7.922 billion the same period last year.

Earnings Misses

Barclays Q3 2024 GAAP EPS $0.56 Misses $0.71 Estimate, Sales $8.513B Up From $7.922B YoY

<a href="https://news.sky.com/story/barclays-in-talks-with-brookfield-about-deal-for-uk-payments-division-13238702" title="https://news.sky.com/story/barclays-in-talks-with-brookfield-about-deal-for-uk-payments-division-13238702">https://news.sky.com/story/barclays-in-talks-with-brookfield-about-deal-for-uk-payments-division-13238702</a>

Asset Sales

Barclays In Talks With Brookfield About Acquiring A Majority Stake In Barclays' Merchant Acquiring Arm

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) penned a long-term deal with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>). Starting next summer, Barclays will become the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41309661/general-motors-and-barclays-sign-long-term-credit-card-partnership-agreement" rel="noreferrer noopener">the U.S.</a>
The new partnership with Barclays will offer exclusive benefits and experiences for cardholders.
With the GM Rewards card, members can earn and redeem points on Chevrolet, Cadillac, Buick, and GMC vehicles, including EVs, as well as for services and accessories.
Current My GM Rewards cardmembers can continue using their cards to earn rewards for GM products and services.
Before the transition, they will receive details on activating their new GM card from Barclays.
The new partnership with GM will expand Barclays&#8217; U.S. credit card portfolio, aligning with its growth strategy focused on partnering with top American brands.
Barclays also plans to acquire the GM card program&#8217;s receivables from the current issuer next year as part of the agreement.
The GM credit card program will remain exclusively under the Mastercard brand, offering additional cardmember benefits.
Last week, GM Energy launched an energy storage product called the <a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">PowerBank to </a><a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">Tesla</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">&#8216;s Powerwall product.</a>
Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 0.41% at $48.07 premarket at the last check Monday.
Photo by Jonathan Weiss on Shutterstock
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GM Strikes Deal With Barclays To Supercharge Its Rewards Mastercard Program

North America&#39;s largest automaker is joining forces with Barclays to build loyalty and engagement with millions of GM customers

General Motors Partners With Barclays To Launch The GM Rewards Mastercard And The GM Business Mastercard

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Shares of banking and financial services stocks are trading higher following better-than-expected financial results from JPMorgan Chase and Wells Fargo.

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Shares of banking companies are trading higher amid overall market strength following strong September Unemployment Rate and Nonfarm Payrolls data. Also, the dockworkers struck a deal to suspend their strike after they reached a tentative agreement, easing concerns about its potential ramifications.

CFTC Files, Simultaneously Settles Charges Against Barclays; Orders Barclays to Pay $4M For Swap Reporting Violations

Banks across the globe have been continuously undertaking restructuring efforts to focus more on core operations. While these efforts are expected to result in elevated expenses, they will aid growth in the long run. While the uneven economic recovery in developed and emerging nations has been hurting revenue growth for companies within the Zacks <a href="https://www.zacks.com/stocks/industry-rank/stocks-in-industry/banks-foreign-12/stocks-in-industry">Foreign Banks</a> Industry, the current high interest rate environment will continue to provide support.
Thus, despite the geopolitical concerns, industry players like HSBC Holdings plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>), Barclays PLC (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) and Deutsche Bank Aktiengesellschaft (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/db#NYSE">DB</a>) are well-poised to gain from relatively high rates.
<h3>About The Industry</h3>
The Zacks Foreign Banks Industry consists of overseas banks with operations in the United States. Since a foreign banking organization may have federal and state-chartered offices in the country, the Federal Reserve plays a major role in supervising their U.S. operations. In addition to providing a broad range of products and services to customers in the United States, the banks offer financial services to corporate clients having businesses in the country. The financial firms establish relations with U.S. corporations operating in their home countries. Some units of foreign banks offer a broad range of wholesale and retail services, and conduct money-market transactions for their parent organizations. Some firms are involved in developing only specialized services.
<h3>3 Foreign Bank Industry Trends To Watch</h3>
High Interest Rate Environment to Aid Top-Line Growth: The efforts undertaken by the central banks across the globe to cushion economies from the pandemic-induced economic slowdown in 2020 (reducing benchmark interest rates to record lows) were successful in aiding immediate economic growth. However, it eroded banks&#39; profitability to a great extent. The pace of economic recovery, which has been uneven in the developed (home to a number of major foreign banks) and emerging nations, also hampered banking operations globally. Nevertheless, almost all central banks across the globe began raising interest rates from the beginning of 2022 to counter inflation, which supported banks&#39; top-line growth. While higher deposit costs might continue to weigh on banks&#39; net interest income and margin growth to some extent, banks are expected to keep getting support amid the current high interest rate environment. Despite the fact that central banks across the globe have started with rate cuts, interest rates are likely to remain relatively high in the near term. The efforts undertaken by most banks to diversify revenue sources to become less dependent on spread income will likely support non-interest income growth. 
Restructuring Efforts Likely to Keep Costs Elevated: Several foreign banks are undertaking business-restructuring efforts. Many banks have either been divesting or closing non-core operations to increase focus on core businesses and regions. While restructuring efforts are expected to boost growth in the long run, these have been leading to higher expenses. Increased costs related to technology upgrades are likely to keep hampering banks&#39; bottom-line growth to some extent in the near term. 
Uneven Global Economic Recovery Poses Concern: After the coronavirus outbreak, business confidence was shattered across the globe as the pandemic loomed over corporate earnings and economic growth. While the economy has recovered from the negative impacts of the pandemic, growth has slowed in some regions because of certain other geopolitical concerns. Banks&#39; performances are directly linked to the performance of the overall economy. Thus, uneven economic growth may hurt banks&#39; finances to an extent in the upcoming period.
<h3>Zacks Industry Rank Indicates Bright Prospects</h3>
The Zacks Foreign Banks Industry is a 66-stock group within the broader Zacks <a href="https://www.zacks.com/stocks/industry-rank/sector/Finance-13">Finance</a> Sector. The industry currently carries a Zacks <a href="https://www.zacks.com/stocks/industry-rank/industries/">Industry Rank</a> #49, which places it in the top 20% of more than 250 Zacks industries. 
The group&#39;s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates outperformance in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1. 
The industry&#39;s positioning in the top 50% of the Zacks-ranked industries is a result of an impressive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gaining confidence in this group&#39;s growth potential. The industry&#39;s most recent earnings estimates for 2024 have been revised 2.9% higher since the end of June 2024. 
Thus, we present a few stocks from the industry that you may want to keep an eye on. But before that, let us check out the industry&#39;s recent stock market performance and valuation picture.
<h3>Industry Underperforms S&amp;P 500 But Outperforms Finance Sector</h3>
The Zacks Foreign Banks Industry has underperformed the S&amp;P 500 but outperformed its sector in the past two years. 
Stocks in the industry have collectively gained 52.5%. The S&amp;P 500 composite has rallied 56.5% and the Zacks Finance Sector has appreciated 47.2%.
<h3>Two-Year Price Performance</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io1(17).jpg" style="height:341px; width:620px" />
<h3>Industry&#39;s Current Valuation</h3>
One might get a good sense of the industry&#39;s relative valuation by looking at its price-to-tangible book ratio (P/TBV), which is commonly used for valuing banks because of large variations in their earnings results from one quarter to the next. 
The industry currently has a trailing 12-month P/TBV of 2.31X. This compares with the highest level of 2.34X, the lowest level of 0.79X and the median of 1.62X over the past five years. Additionally, the industry is trading at a significant discount compared with the market at large, as the trailing 12-month P/TB for the S&amp;P 500 composite is 14.90X, which the chart below shows.
<h3>Price-to-Tangible Book Ratio (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ttm#NYSE">TTM</a>)</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io2(16).jpg" style="height:344px; width:620px" />
As finance stocks typically have a lower P/TBV ratio, comparing foreign banks with the S&amp;P 500 might not make sense to many investors. However, a comparison of the group&#39;s P/TBV ratio with that of its broader sector ensures that it is trading at a decent discount. The Zacks Finance Sector&#39;s trailing 12-month P/TBV of 5.69X and the median level of 4.44X for the same period are above the Zacks Foreign Banks Industry&#39;s ratios.
<h3>Price-to-Tangible Book Ratio</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io3(16).jpg" style="height:339px; width:620px" />
<h3>3 Foreign Banks Worth A&nbsp;Look</h3>
HSBC: Headquartered in London, it is a major global banking and financial services firm with $2.98 trillion in assets as of June 30, 2024. 
The company has been committed to bolstering its performance with a special focus on building operations across Asia. It intends to position itself as a top bank for high-net-worth and ultra-high-net-worth clients in the region. 
In sync with this, the company acquired Citigroup&#39;s retail wealth management business in China in June 2024, whereas it acquired Singapore-based SilkRoad Property Partners Group in January. HSBC re-launched its private banking business in India as the country has been experiencing a surge in the number of super-rich. 
In 2022, HSBC acquired 100% of the issued share capital of AXA Insurance in Singapore and L&amp;T Investment Management Limited. These initiatives will likely help the company strengthen its position in the region, which constitutes more than half of its operations. 
HSBC has been restructuring its operations to further improve operating efficiency. In 2020, it announced the transformation plan to reshape underperforming businesses, simplify complex organizations and reduce costs. The company realized gross savings of $5.6 billion, with cost to achieve a spend of $6.5 billion by 2022-end. HSBC expects to achieve additional cost savings this year, driven by the actions undertaken in 2023. 
In April 2024, the company announced an agreement to divest its Argentina business, whereas in February, HSBC agreed to sell its Armenian unit. The company has already exited retail banking businesses in the United States, Canada, France, New Zealand, Greece and Russia. 
HSBC&#39;s brand, capital strength, extensive global network and positioning enable it to continuously attract and retain clients. The company&#39;s product and service leadership in alternative investments, foreign exchange, credit, investment advice and many other cross-border banking services help it widen its customer base. 
Shares of the company have gained 16.9% on the NYSE in the past year. The Zacks Consensus Estimate for its current-year earnings has moved 2.7% higher in the past 60 days. Currently, HSBC carries a Zacks Rank #2 (Buy). 
You can see <a href="https://www.zacks.com/stocks/buy-list/?ADID=zp_1link_invideas&amp;ICID=zpi_1link_invideas">the complete list of today&#39;s Zacks #1 Rank (Strong Buy) stocks here</a>.
<h3>Price And Consensus: HSBC</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io4(15).jpg" style="height:350px; width:620px" />

Barclays: Headquartered in London, this Zacks Ranked #3 (Hold) company is a major global banking and financial services firm with &pound;1,576.6 billion ($1,993.5 billion) in total assets as of June 30, 2024. 
Over the past few years, Barclays has been striving to simplify operations and focus on core businesses. As part of its business overhaul, the company announced changes to its operating divisions effective first-quarter 2024. 
In July 2024, the company announced the divestiture of its German consumer finance business, while it announced the disposal of its Italian mortgage portfolio (which was completed in the second quarter of 2024) in April. Additionally, the company has sold $1.1 billion in credit card receivables to Blackstone&#39;s Credit &amp; Insurance segment to bolster lending capacity for Barclays Bank Delaware in the United States. 
This February, the company announced a deal to acquire Tesco&#39;s retail banking business. The move is expected to complement its existing business and strengthen its position in the market. In 2023, Barclays acquired Kensington Mortgage, which bolstered its mortgage business in the U.K. Driven by these initiatives, the company&#39;s profitability is expected to improve over time. 
Moreover, Barclays&#39; initiatives to improve efficiency over the past few years have been bearing fruit, as evident from a fall in expenses. While total operating expenses increased in 2022, 2023 and the first half of 2024, the metric declined, seeing a compound annual growth rate (CAGR) of 2.4% over the six years ended 2021. As BCS&#39; business-restructuring initiatives continue to offer support, overall costs are expected to be manageable. 
Driven by the structural cost actions taken in 2023 and ongoing efficiency investments, expense savings of &pound;1 billion are anticipated in 2024, with a payback of less than two years. By 2026, management expects total gross efficiency savings of &pound;2 billion and the cost-to-income ratio in the high 50s. 
BCS shares have gained 62.1% on the NYSE in the past 12 months. The Zacks Consensus Estimate for the company&#39;s 2024 earnings has moved 1.2% higher in the past 60 days.
<h3>Price And Consensus: BCS</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io5(17).jpg" style="height:350px; width:620px" /> 
Deutsche Bank: Headquartered in Frankfurt am Main, this is the largest bank in Germany and one of the largest financial institutions in the world, as measured by total assets. It offers a wide variety of investment, financial and related products and services. 
Growth in net revenues has been a key strength at Deutsche Bank. The metric has seen a CAGR of 2.7% over the five years ended 2023, with the uptrend persisting in the first six months of 2024. Notably, the bank&#39;s efforts to shift focus from investment banking to more stable businesses, such as private bank, corporate bank and the asset management unit, will likely continue to aid revenues in the upcoming period. 
The bank closed the acquisition of Numis, which is likely to aid the Asset Management segment. Management expects revenues to witness a CAGR of 5.5-6.5% for the period between 2021 and 2025. 
Moreover, solid deposit balances support DB&#39;s financials. The metric witnessed a CAGR of 2% over the five years ended 2023, with the uptrend continuing in the first half of 2024. The company benefits from its well-diversified deposit base across various client segments and regions. Also, its loan-to-deposit ratio reflects a strong and stable funding base. Thus, we believe that the stable deposit balance will strengthen the company&#39;s balance sheet. 
Deutsche Bank has been returning excess capital to shareholders through dividends and share buybacks. At its annual general meeting in May 2024, the bank proposed 2023 dividends of 45 cents per share, aggregating approximately &euro;900 million. This indicates an increase from 30 cents per share paid out in 2022. For 2024 and 2025, the company plans to pay out dividends of 68 cents and &euro;1 per share, respectively. 
The company also has a share repurchase program. In July 2024, the bank completed the share repurchase program launched on March 4, 2024. Under this program, 46.4 million shares were repurchased for &euro; 675 million, bringing cumulative shareholder distributions through dividends and share repurchases to &euro; 3.3 billion since 2022. DB is committed to capital distributions of &euro;8 billion over the financial years 2022-2026. 
The Zacks Consensus Estimate for the company&#39;s 2024 earnings has been revised 3.5% higher over the past 60 days. DB shares have gained 63.3% on the NYSE in the past year. The company currently carries a Zacks Rank of 3.
<h3>Price And Consensus: DB</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/io6(15).jpg" style="height:351px; width:620px" />
<a href="https://www.zacks.com/commentary/2343164/3-stocks-to-consider-from-the-prospering-foreign-banks-industry?cid=CS-BENZ-FT-industry_outlook-2343164">To read this article on Zacks.com click here.</a>

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3 Stocks To Consider From The Prospering Foreign Banks Industry

American Airlines Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">marginally lower on Friday.</a>
The firm is reportedly negotiating to make Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) its exclusive credit card partner, ending its long-standing partnership with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), which dates back to the airline&#8217;s 2013 acquisition of US Airways, <a href="https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html" target="_blank" rel="noreferrer noopener">reported</a> CNBC.
In March, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-04/american-air-wants-more-credit-card-revenue-from-bank-partners?sref=TBDibEcD" rel="noreferrer noopener">noted</a> that the airline is renegotiating its contract for co-branded credit cards to increase its share of a vital revenue stream for U.S. carriers.
A spokesperson for Citigroup informed CNBC that the company is continually collaborating with its partners, including American Airlines, to find opportunities to enhance customer products and promote shared value and growth.
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The recent news by CNBC suggests that the company&#8217;s discussions are still underway, and the timing for reaching an agreement, subject to regulatory approval, remains uncertain.
However, chances are there that objections from U.S. regulators, including the Department of Transportation, could potentially delay or even derail a contract between American Airlines and Citigroup, leaving the existing partnership with Barclays unchanged, CNBC flagged.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, AAL stock has lost over 15% in the past year. Investors can gain exposure to the stock via&nbsp;U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and&nbsp;Themes Airlines ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRL#NASDAQ">AIRL</a>).
Price Action: AAL shares are trading lower by 1.17% to $10.98 at last check Friday.
Photo via Shutterstock
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<li>The new deal marks an extension of the initial cloud partnership the bank signed in 2021.&nbsp;</li>
<li>Over the past two and a half years, HPE has supported Barclays in the migration and deployment of more than 50,000 workloads to their private cloud estate, with a trajectory to double this over the next three years. This transition will allow the bank to decommission legacy systems, free up rack space, and save several MWs of power. Reducing technical debt within the bank will enhance the underlying infrastructure and increase workload density.&nbsp;</li>
</ul>

Hewlett Packard Enterprise Announced That Barclays Has Signed A New Private Cloud Services Deal, Confirming HPE GreenLake Cloud As A Core Pillar To Barclays' Hybrid Cloud Strategy

Barclays Is Struggling To Sell UK Payments Unit Stake, Sources Say

BGC Group Inc., (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGC#NASDAQ">BGC</a>) a financial services firm led by Cantor Fitzgerald CEO Howard Lutnick, plans to launch an exchange that will start trading <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40423424/donald-trump-names-howard-lutnick-to-lead-transition-team-heres-what-it-means-for-crypto">secured overnight financing rate</a> (SOFR) futures on Sept. 23 on its new FMX Futures Exchange.
The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that replaced the London Interbank Offered Rate (LIBOR) in June 2023.
&#8220;I think we&#8217;re going to bring competition into the market and I&#8217;m jazzed, jazzed, jazzed,&#8221; Lutnick said in announcing the new exchange on Bloomberg Television on Wednesday.
 FMX Futures Exchange is a consortium backed by Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Barclays (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), Citadel Securities, Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), J.P.Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Jump Trading Group and Tower Research.
On April 25, these financial services companies together bought a 26% stake in FMX for $172 million, which valued the exchange at $667 million. BGC gave the partners an additional 10% stake contingent upon them hitting certain volume targets, Piper Sandler analyst Patrick Moley wrote in a note on Thursday.
Moley noted that FMX&#8217;s intent is to take some of the Chicago Mercantile Exchange&#8217;s (CME) total monopoly SOFR futures, which make up 30% to 40% of CME&#8217;s interest rate derivative volumes.
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&#8220;We&#8217;re going to create a break in the monopoly built by the Chicago Mercantile Exchange,&#8221; Lutnick said Wednesday. &#8220;It&#8217;s so fun and it&#8217;s so exciting.&#8221;
FMX plans to start trading U.S. Treasury futures in next year&#8217;s first quarter.
FMX is not expected to take "meaningful" market share from CME in interest rate futures until the third year after its launch, Moley said.
&#8220;However, CEO Lutnick believes FMX will have record open interest for a new exchange at the end of year 1,&#8221; he wrote.
Moley said that CME CEO Terry Duffy believes that U.S. regulations will not allow FMX to succeed, given that trades will be cleared by LCH Group, a London-based clearing house.
But Lutnick disagrees with Duffy, Moley said. As a Commodity Futures Trading Commission-recognized organization, it will be clearing trades through a U.S. subsidiary on U.S. soil.
&#8220;Bottom line, FMX has all the regulatory approvals / registrations needed to launch on September 23rd,&#8221; Moley wrote.
&#8220;And while CEO Duffy believes the U.S. government / regulators will eventually intervene and possibly block FMX's use of clearing partner LCH (which we believe would ultimately lead to FMX failing to succeed in IR futures), there is no evidence to suggest this will occur at this point in time.&#8221;
BCG Price Action: BCG Group ticked up 0.11% to $9.26 into Thursday&#8217;s early afternoon trading.
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BGC Group To Trade Futures On New Exchange: CEO Lutnick Is 'Jazzed, Jazzed, Jazzed'

Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) is facing a potential pre-tax hit of nearly $400 million from the sale of its General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) credit card portfolio and a smaller, unrelated business.
What Happened: Goldman has been in discussions for several months with GM and Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) about transferring the credit card business to the British bank. However, Barclays has been hesitant to meet Goldman's initial price due to high charge-off rates, which indicate the portion of balances that are unlikely to be repaid by borrowers, The Wall Street Journal <a href="https://www.wsj.com/finance/goldman-sachs-got-lax-on-credit-cards-the-bill-is-coming-due-f460f04f?mod=hp_lead_pos4">reported</a> on Tuesday, citing people familiar with the matter.
Goldman's shares fell over 4% on Tuesday following the news. CEO David Solomon noted during a banking conference on Monday that trading revenue for the third quarter is projected to decline by nearly 10% compared to the previous year, and he warned of &#8220;significantly more muted&#8221; revenues in the asset and wealth management sectors.
The bank&#8217;s consumer-lending ventures, including its credit cards, have resulted in over $6 billion in pretax losses since early 2020. Goldman began shifting away from consumer finance in 2022, refocusing on its core strengths in investment banking and catering to high-net-worth clients.
Goldman Sachs did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40767067/another-retailer-takes-chapter-11-route-big-lots-files-for-bankruptcy-and-agrees-to-sell-assets-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Another Retailer Takes Chapter 11 Route: Big Lots Files For Bankruptcy And Agrees To Sell Assets To Nexus Capital As Economic Pressures Mount</a>
Why It Matters: This latest development comes on the heels of several <a href="https://www.benzinga.com/top-stories/24/09/40804111/jpmorgan-shares-tumble-after-coo-throws-cold-water-on-analyst-outlook">significant financial events</a>. On Tuesday, JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) saw its shares drop by 7.5% after COO Daniel Pinto tempered analyst forecasts on next year's expenses and net interest income (NII) at an industry event. 
Pinto indicated that the current NII consensus of $89.5 billion was &#8220;not very reasonable&#8221; given the interest-rate forecasts.
In July, Goldman Sachs reported <a href="https://www.benzinga.com/news/earnings/24/07/39801120/goldman-sachs-analysts-boost-their-forecasts-following-better-than-expected-earnings">better-than-expected earnings</a> for the second quarter. The bank posted revenue of $12.730 billion, surpassing the consensus of $12.456 billion. The U.S. financial services giant also reported GAAP EPS of $8.62, beating the consensus of $8.35.
Price Action: Goldman Sachs&#8217; shares closed 4.39% lower on Tuesday at $467.13. In premarket trading on Wednesday, the stock was marginally down by 0.028%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Goldman Sachs' Credit Card Business Exit Reportedly Delayed Due To High Charge-Off Rates And Lenient Underwriting: Bank Discloses Potential $400M Pre-Tax Hit

As HSBC Holdings plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>) seeks a larger share of the wealth management market in the U.K., the bank has gone on a hiring spree to recruit hundreds of bankers to serve the ultra-rich. The news was first reported by The Guardian.
HSBC aims to strengthen the U.K. arm of its wealth and private banking operations by recruiting more relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees.
According to a source familiar with the plan, while HSBC has headquarters in London, the recruitment will be based across the U.K.
The bankers that are being recruited will be given the task of doubling the assets under management at HSBC&#39;s British wealth business to &pound;100 billion in the next five years.
<h2>HSBC&#39;s UK Growth Plans</h2>
HSBC&#39;s aim to double AUM in its U.K. wealth business to &pound;100 billion in the next five years comes as this would make the bank one of the top 5 wealth managers in Britain.
Also, with this, the bank will be able to expand in sectors that are less exposed to interest rate changes, joining rivals like Lloyds Banking Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lyg#NYSE">LYG</a>) and Barclays (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bcs#NYSE">BCS</a>) in targeting more fee income from the mass affluent in the U.K.
As LYG and BCS are also pushing into wealth management, HSBC is expected to face tough competition from them.
Lloyds defines the &quot;mass affluent&quot; as those who have &pound;75,000-&pound;250,000 in deposits. Barclays&#39; premier service, which includes a &quot;dedicated team of premier financial guides&quot; targets people earning at least &pound;75,000 or those who have at least &pound;100,000 in savings.
Thus, HSBC is planning to strengthen its own wealth division by targeting international customers, who see advantages to banking with a lender with a much larger global footprint.
The plan, which is being supervised by HSBC U.K.&#39;s head of wealth and personal banking, Jose Carvalho, is expected to continue despite the recent management changes.
<h2>HSBC&#39;s Next CEO to Trim Middle Management to Save Costs</h2>
Carvalho&#39;s boss, HSBC Group&#39;s head of wealth and personal banking, Nuno Matos, recently resigned from his role, making Georges Elhedery the group chief executive.
Elhedery is considering a significant organizational transformation to streamline the company&#39;s operations. After taking over as the new CEO on Sept. 2, Elhedery plans to cut layers of middle management and reduce the number of country heads across HSBC&#39;s global footprint.
These efforts align with HSBC&#39;s ongoing focus on improving efficiency and cost control amid evolving economic challenges.
The idea of cutting back on middle management is indicative of a broader trend in the banking sector amid economic pressure. By reducing middle management, HSBC can reduce costs, expedite decision-making and offer lower-level staff more authority.
In the past six months, HSBC shares on the NYSE have gained 17.8% compared with the industry&#39;s growth of 10.3%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d8/77147.jpg?v=1321587589" />
Image Source: Zacks Investment Research
At present, HSBC carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2334208/hsbc-seeks-larger-share-of-uk-wealth-business-to-hire-more-bankers?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2334208">To read this article on Zacks.com click here.</a>

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HSBC Seeks Larger Share of UK Wealth Business, To Hire More Bankers

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Shares of banking and financial services stocks are trading lower in possible sympathy with Ally, which fell after the company's CFO noted credit challenges among borrowers. The sector earlier reacted to Fed Vice Chair for Supervision Barr previewing Basel and GSIB surcharge re-proposals.

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In a report released on December 6, Andrew Coombs from Citi maintained a Buy rating on Barclays (BARC – Research Report), with a price target of £3...

Citi Reaffirms Their Buy Rating on Barclays (BARC)

J.P. Morgan analyst Kian Abouhossein reiterated a Buy rating on Barclays (BARC – Research Report) today and set a price target of p350.00. The comp...

J.P. Morgan Remains a Buy on Barclays (BARC)

Kepler Capital analyst Nicolas Payen maintained a Buy rating on Barclays (BARC – Research Report) on December 11 and set a price target of p320.00....

Kepler Capital  Sticks to Their Buy Rating for Barclays (BARC)

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The financial sector is a wise investment due to AI-driven efficiencies, regulatory shifts, global growth, and rising demand for digital banking and financial services, providing lucrative opportunities. Therefore, financial stocks such as Deutsche Bank (DB), Woori Financial Group (WF), and Barclays (BCS) could be strong investments for value investors. Keep reading... The financial sector is flourishing, driven by global rate cuts, increased capital investments, AI-driven efficiencies, and opportunities in fixed-income assets, all benefiting foreign banks. Their diversification, crucial role in financing infrastructure, and adaptability to evolving markets position them as resilient and appealing investment options amid innovation and economic shifts.
Therefore, investors might consider fundamentally strong financial stocks like Deutsche Bank Aktiengesellschaft (<a href="https://stocknews.com/stock/DB/">DB</a>), Woori Financial Group Inc. (<a href="https://stocknews.com/stock/WF/">WF</a>), and Barclays PLC (<a href="https://stocknews.com/stock/BCS/">BCS</a>), which offer attractive valuations.
Banks are embracing AI and automation to boost efficiency and transform traditional models for greater productivity. Additionally, easing regulations are driving global mergers, acquisitions, and IPOs, creating lucrative opportunities for foreign financial institutions. According to Statista, the global finance market's revenue is expected to grow at a <a href="https://www.statista.com/outlook/amo/app/finance/worldwide">CAGR of 9.1%</a>, reaching $2.89 billion by 2029.
Moreover, foreign banks are well-positioned to capitalize on global political and economic shifts, offering valuable diversification for investors. Meanwhile, the financial sector is benefiting from increased internet access, technological advancements, and smart risk management. The growing consumer preference for digital banking, payments, and investing is further driving the sector's expansion.
Considering these conducive trends, let's analyze the fundamental aspects of the three <a href="https://stocknews.com/category/foreign-banks/">Foreign Banks</a> picks, starting with number three.
Stock #3: Deutsche Bank Aktiengesellschaft (<a href="https://stocknews.com/stock/DB/">DB</a>)
Headquartered in Frankfurt am Main, Germany, DB is a stock corporation offering corporate and investment banking, along with asset management products and services, to private individuals, corporate entities, and institutional clients worldwide. It operates through its Corporate Bank, Investment Bank, Private Bank, and Asset Management segments.
In terms of forward <a href="https://www.investopedia.com/terms/p/price-to-salesratio.asp">Price/Sales</a>, DB is trading at 1.05x, which is 68% lower than the 3.27x industry average.
DB's total net revenues for the fiscal third quarter ended September 30, 2024, increased 1.3% year-over-year to €7.50 billion ($7.88 billion). The company's profit attributable to shareholders rose 41.7% from the prior-year quarter to €1.46 billion ($1.53 billion). Additionally, its EPS reached €0.81, marking a 44.6% year-over-year increase.
Street expects DB's revenue for the quarter ending December 31, 2024, to increase 4.2% year-over-year, reaching $7.54 billion. Over the past year, the stock has gained 38.1% to close the last trading session at $17.08.
DB's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect its bright prospects. It has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings assess stocks by 118 different factors, each with its own weighting.
DB has a B grade for Value and Stability. It is ranked #11 out of 90 stocks in the <a href="https://stocknews.com/category/foreign-banks/">Foreign Banks</a> industry. To access the additional ratings of DB for Growth, Momentum, Sentiment, and Quality, <a href="https://stocknews.com/stock/DB/">click here</a>.
Stock #2: Woori Financial Group Inc. (<a href="https://stocknews.com/stock/WF/">WF</a>)
Headquartered in Seoul, South Korea, WF is a financial holding company that operates as a commercial bank providing a range of financial products and services to individuals, corporations, and small- and medium-sized enterprises in Korea. It operates through Banking, Credit Card, Capital, Investment Banking, and Other segments.
In terms of forward non-GAAP P/E, WF's 4.16x is 69.3% lower than the 13.51x industry average. Likewise, its 1.19x forward Price/Sales is 63.7% lower than the 3.27x industry average. Moreover, its 0.37x forward non-GAAP PEG is 74.9% lower than the 1.48x industry average.
WF's net operating revenue for the nine months ended September 30, 2024, increased by 6.6% year-over-year to KRW7.99 trillion ($5.69 billion). The company's operating income rose to KRW3.58 trillion ($2.55 billion), up 6.4% from the prior-year period. Moreover, WF's net income grew by 9.1% year-over-year, reaching KRW2.72 trillion ($1.93 billion).
Analysts expect WF's EPS and revenue for the quarter ending December 31, 2024, to increase 284.9% and 4.3% year-over-year to $1.13 and $1.84 billion, respectively. It surpassed the consensus EPS estimates in three of the trailing four quarters. Over the past year, WF's stock has gained 19.5% to close the last trading session at $35.86.
WF's POWR Ratings reflect strong prospects. It has an overall rating of B, equating to a Buy in our proprietary rating system.
It has an A grade for Momentum and a B for Value, Stability, and Sentiment. It is ranked #5 in the same industry. Beyond what we stated above, we also have given WF grades for Growth and Quality. Get all of WF's ratings <a href="https://stocknews.com/stock/WF/">here</a>.
Stock #1: Barclays PLC (<a href="https://stocknews.com/stock/BCS/">BCS</a>)
Headquartered in London, United Kingdom, BCS provides various financial services across the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. The company operates through its Barclays UK and Barclays International divisions.
In terms of forward Price/Sales, BCS' 1.46x is 55.2% lower than the 3.27x industry average.
For the fiscal third quarter that ended on September 30, 2024, BCS' total income stood at £6.55 billion ($8.30 billion), up 4.6% year-over-year. Additionally, its attributable profit and earnings per ordinary share increased 22.8% and 28.9%, respectively, from the prior-year, reaching £1.56 billion ($1.98 billion) and 10.70p.
For the quarter ending December 31, 2024, BCS' revenue is expected to increase 7.4% year-over-year to $7.59 billion. Its EPS for fiscal 2024 is expected to rise 8.6% year-over-year to $1.47. The stock has gained 85% over the past year to close the last trading session at $13.36.
BCS' POWR Ratings reflect a favorable outlook. It has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
It has a B grade for Growth, Value, and Sentiment. It is ranked first in the Foreign Banks industry. To see BCS' Momentum, Stability, and Quality ratings, <a href="https://stocknews.com/stock/BCS/">click here</a>.
What To Do Next?
Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today's volatile markets:
<a href="https://report.stocknews.com/free-report/3stocks/?formplacement=artbotad_3s">3 Stocks to DOUBLE This Year &gt;</a>

<hr />
BCS shares were trading at $13.52 per share on Tuesday morning, up $0.16 (+1.20%). Year-to-date, BCS has gained 79.17%, versus a 28.16% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Abhishek Bhuyan</h2> <img src='https:/wp-content/uploads/2023/07/ABhuyan.jpg' style="float:left; padding:5px;width:125px;">Abhishek embarked on his professional journey as a financial journalist due to his keen interest in discerning the fundamental factors that influence the future performance of financial instruments.<a href="https://stocknews.com/authors/?author=abhishek-bhuyan">More...</a>The post <a href=https://stocknews.com/news/bcs-db-wf-3-financial-stocks-with-attractive-valuations-to-consider/>3 Financial Stocks With Attractive Valuations to Consider</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Financial Stocks With Attractive Valuations to Consider

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Barclays Bank PLC Amends Purchase Price of Certain Cash Tender Offers and Consent Solicitations

Barclays appoints Rob Patterson as Head of Data & Information Platforms Coverage within Technology Investment Banking

Barclays Appoints Abhishek Singhal as a Managing Director Within Technology Investment Banking

Barclays Appoints Three Senior Leaders in its Industrials Investment Banking Team

Barclays Appoints Two New Senior Leaders in Investment Banking for Canada

Barclays Bank PLC Updates Announcement of 5 Cash Tender Offers and Consent Solicitations

Barclays appoints Bradley Rogoff as Global Head of Research

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Barclays Bank PLC Announces Extension of 4 Cash Tender Offers and Consent Solicitations

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