Jefferies Says Barclays Core Has "Found Its Feet"

Investment Bank Jefferies likes Barclays as its core business has “found its feet.”

In a research note, Jefferies said its earnings per share forecast for the London-based bank is 15 percent ahead of consensus in 2016 as the core business exhibits strong dynamics.

Barclays core performance

Barclays core performance has been good with one important caveat. If investment banking revenue were traded by a managed futures trend follower, they would have issued a sell signal long ago. At issue is revenues relative to costs – particularly those associated with the very expensive North American investment banking unit. In fact, the...