Description
reviews the bank, its operations and its future. It gives the analysis with the help of key financials. It also gives the SWOT analysis of Barclays.
Strategic Analysis of the Barclays Banking Group
A review of the bank, its operations and its future
Aashay S. Samant – 09P167 under the guidance of Prof. N. R. Bhushnurmath
MBFI
Aashay S. Samant
INDEX
Company information………………………………………………………………………………………………………………..3 Key Financials……………………………………………………………………………………………………………………………5 Business conditions and general economy…………………………………………………………………………………6 SWOT Analysis……………………………………………………………………………………………………………………………7 Recommendations………………………………………….…………………………………………………………………………8 Future Outlook…………………………………………………………………………………………………………………………..9 Sources and Work Cited…………………………………………………………………………………………………………10
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MBFI
Aashay S. Samant
Company Information
Barclays plc is a major British multinational financial services firm. Barclays PLC is ranked as the 21st largest company in the world by Forbes Global 2000 (2010 list). Barclays is the largest financial services provider globally with $3.7 trillion of assets. It is the second largest bank in the United Kingdom and the world based on asset size. The bank's headquarters are at One Churchill Place in Canary Wharf, in London's Docklands, having moved there in May 2005 from Lombard Street in the City of London. Its primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange. Barclays is headed by Marcus Agius, the Group Chairman, who joined the Board on 1 September 2006 and succeeded Matthew Barrett as Chairman from 1 January 2007. Agius is also the senior executive Director of the BBC and was formerly Chairman of BAA PLC, Chairman of Lazard in London and a Deputy Chairman of Lazard LLC until 31 December 2006. Reporting directly to the Group Chairman is John Varley, the Group Chief Executive, who is responsible for the strategic direction and planning of all Barclays operations. Varley was appointed to the role in September 2004 prior to which he served as Deputy Chief Executive (January-September 2004) and Group Finance Director (2000–2003). In November 2009 John Varley realigned Barclays' businesses into Global Retail Banking and Corporate and Investment Banking and Wealth Management. Global Retail Banking comprises UK Retail Banking, Barclaycard, the retail operations in Western Europe and Emerging Markets businesses, and retail operations and technology. Corporate and Investment Banking and Wealth Management comprises Barclays Capital, Barclays Commercial Bank and Barclays Wealth. This resulted in certain changes to the leadership team and an expansion of the Group Executive Committee (ExCo). The Barclays group is made up of multiple businesses in the finance domain. The Barclays Bank, as mentioned above is divided into three businesses. The structure of the Barclays group and the Barclays bank currently looks as given below.
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MBFI
Aashay S. Samant
Barclays Group
Barclays Bank PLC
Other Businesses
Global Retail banking and Corporate
Investment Banking
Wealth Management
Barclays has over 1800 UK high street branches (including former Woolwich branches) and it has also joined up with the Post Office Ltd to provide personal banking services to customers who live near a Post Office branch and those who need financial services such as secured or unsecured loans. Worldwide, Barclays has over 4,750 branches in over 50 countries. Most Barclays branches have 24/7 Cash machines. Barclays' customers and customers of many other banks can use Barclays ATMs at a fee. For instance in Ghana Barclays charge gh¢0.25 per withdrawal from their ATMs and gh¢1.00 when the card is used on other bank's ATMS Barclays Capital is a strong investment arm owned by Barclays Bank PLC. Barclays Capital had created an investment funds business that handles billions of pounds daily, iShares. After much debate, Barclays president Bob Diamond, along with other Barclays bosses chose to sell the iShares business to further boost capital. The preliminary price for the business is £3billion, although Barclays has the flexibility to sell at a higher price, should a bidder show interest before the selling deadline. Barclays is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no ATM access fees when traveling internationally. Other participating banks are Bank of America (United States), BNP Paribas (France), Ukrsibbank (Ukraine), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).
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MBFI
Aashay S. Samant
Key Financials
Source: Bloomberg
Source: Barclays Annual Report 2009
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MBFI
Aashay S. Samant
Business conditions and general economy
Barclays operates a universal banking business model and its services range from current accounts for personal customers to inflation-risk hedging for governments and institutions. The Barclays Bank also has significant activities in a large number of countries. There are, therefore, many ways in which changes in business conditions and the general economy can adversely impact Barclays’ profitability, be they at the level of the Group as a whole, or the individual business units or the specific countries in which it operates. The Barclays Group has a stress testing framework that helps it to understand the impact of changes in business conditions and the general economy, as well as the sensitivity of its business goals to such changes and the scope of management actions to mitigate their impact. The current downturn, higher unemployment in the UK, US, Spain and South Africa has led to increased arrears in the credit card portfolios, while falls in GDP have reduced the credit quality of the Group’s corporate portfolios. In both cases, there is an increased risk that a higher proportion of the Group’s customers and counterparties may be unable to meet their obligations. In addition, declines in residential and commercial property prices have reduced the value of collateral and caused mark to market losses in some of the Group’s trading portfolios. The business conditions facing the Barclays Group in 2010 as enumerated by a Goldman Sachs report on the same are as follows most notably: – The extent and sustainability of economic recovery and asset prices in the UK, US, Spain and South Africa as governments consider how and when to withdraw stimulus packages; – The dynamics of unemployment in those markets and the impact on delinquency and charge-off rates – The speed and extent of possible rises in interest rates in the UK, US and eurozone – The possibility of further falls in residential property prices in the UK, South Africa and Spain – The potential for single name risk and for idiosyncratic losses in different sectors and geographies where credit positions are sensitive to economic downturn – Possible additional deterioration in our remaining credit market exposures, including commercial real estate and leveraged finance – The potential impact of deteriorating sovereign credit quality – Changes in the value of Sterling relative to other currencies (which could increase risk weighted assets and therefore raise the capital requirements of the Group) – The liquidity and volatility of capital markets and investors’ appetite for risk (which could lead to a decline in the income that the Group receives from fees and commissions)
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MBFI
Aashay S. Samant
SWOT ANALYSIS OF BARCLAYS
Given below is an analysis of the strengths, weaknesses of Barclays Bank as well as the threats it faces along with some opportunities which are available to it. The SWOT analysis given below is used to then provide certain recommendations as to what the bank can do with regards to the future and what strategy it must adopt.
Strengths
? Barclays has a widespread global presence, allowing it to spread risk and enjoy economies of scale ? Has huge Customer Base ? The Barclays brand is well-established historically and thus has a strong brand name ? It is continually promoted, for example through sponsorship of Premier League football ? Barclays is particularly associated with innovation. It brought out the first credit card in 1966, and has continued to develop cards, most recently the OnePulse card combing Oyster, cashless and credit functions for London-based customers. ? The opening of several new flagship branches along with a refurbishment programme can be seen as an attempt to refocus on customer demands for a strong presence on the high street ? Barclays provide convenience in the form of online banking, mobile banking etc. and has a large retail branch availability
Weaknesses
? Services provided in Zimbabwe to individuals connected with Zanu PF have generated controversy and raised questions about Barclays’ ethical position: investors are increasingly concerned about ethics ? Large bonuses for Directors have attracted unwanted attention from commentators, and it has been speculated that the bank’s reluctance to take financing from the UK government is because that would end its autonomy with regard to bonuses ? Plans to expand in Asia were limited when Barclays were outbid for ABN Amro in 2006, and alternative expansion plans have had to be adopted ? The bank does not plan to pay dividends on its shares until 2011, making them less attractive to investors ? Weak wholesale banking operations ? Not as nimble as smaller, regional operators ? The company has lost the ability to compete head-to-head in an environment where it lacks a size advantage ? Recent downturn has hit the profits of Barclays group as a whole and has thus lead to a more conservative policy of operation which may lead to Barclays losing out on some opportunities 7|Page
MBFI
Aashay S. Samant
Opportunities
? Barclays was keen to acquire some of Lehman’s assets prior to its collapse: after the collapse, they have been able to negotiate a better deal with liquidators which also allowed them to be very selective in which parts of the business they acquired ? The bank’s strategy is to offer a full portfolio of services worldwide, providing a wide range of cross-selling opportunities ? Barclays Bank has acquired the Italian credit card business of Citibank International Bank ? Expansion in international markets ? Asia is still considered an opportunity for Barclays’ expansion, and operations are being set up in a number of locations ? Welfare provision has decreased in many countries because of the cost to governments, and Barclays sees self-provision as an increasing trend that it can utilize ? The court recently found that Barclays banking charges, which had been challenged legally, were enforceable, thus repayment is not necessary and charges can continue to be enforced ? Further consolidation in the banking industry
Threats
? If the economic downturn is prolonged, acquisition of Lehman’s assets could prove to be a mistake. ? Barclays has been accused of moving loss-making investments associated with the sub-prime market from its accounts to those of other investors, and there is a risk it may be sued. ? While offering a wide range of services provides opportunities, there is also the threat that customers may prefer to go to suppliers who present a more specialised approach ? Barclays acquired a reputation for closing branches because of a high incidence of this in 2000, and competitors have been able to position themselves as more consumer-friendly through a strategy of keeping branches open ? The Asia expansion is seen as risky given that Barclays are in a less strong position than banking industry leaders regarding capitalisation, and this may detract investors
Recommendations
The company has currently taken a conservative approach due to the recession. However, the downturn has provided many opportunities for consolidation. Also, with the BRIC and East Asian markets rebounding back faster than Europe or the Americas, this region looks to be a source of potential revenues and provides opportunities for increasing operations. With the United Kingdom and the Americas looking at a slow and prolonged phase of recovery, Barclays will need to adopt a policy of “look East” when it comes to operations. Hopefully, by the time the economies of South-east Asia overheat, the USA and Europe will hopefully be on the rebound providing a counter-cyclical opportunity for Barclays Bank.
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MBFI
Aashay S. Samant
Future Outlook
The following factors were found to be the ones most affecting the businesses in the United Kingdom in 2010. Inevitably, the downturn has caused a reduction in demand and affected all businesses worldwide including the Barclays Group.
Source: http://barclays.co.uk/
2011 should hopefully be a year of economic recovery, though at times it will seem barely noticeable. The consensus among economists is that growth will be no better than 1-2 per cent or so. That is not only feeble in relation to what the economy would normally be expected to grow by but it is also weak by the standards of past recoveries. As always, there is a difference between recoveries that are visible to economists and statisticians and those that are recognised as genuine upturns by firms. Many businesses, quite rightly, only acknowledge that a recovery has happened when turnover gets back to pre-recession levels. That will take some time. The recovery, indeed, is hugely dependent on what is happening outside the UK. Organisations like the OECD (Organisation for Economic Co-operation and Development) and IMF (International Monetary 9|Page
MBFI
Aashay S. Samant
Fund) expect the global economy to be reasonably strong, though largely on the back of growth in socalled emerging economies like China and India. For Britain, the domestic economy is likely to feel rather flat. The National Institute of Economic and Social Research (NIESR) in the UK sees no growth in consumer spending in 2010 and a further decline in business investment, which it expects to see fall by 7 per cent after a drop of 18 per cent in 2009. The economy will be driven by trade - exports outperforming imports - as a result both of the global upturn and the lower pound. When it comes to policy, interest rates should remain close to present levels for much if not all of 2010. Though Bank rate at 0.5 per cent is the lowest in the Bank of England's 300-year plus history, it is likely to remain exceptionally low. The tightening of fiscal policy in prospect puts the onus on the Bank of England to keep interest rates low. And even the fiscal squeeze we know about so far does not take account of the upcoming mid-term elections in the United States. How the United States reacts and what policy the US Federal Reserve adopts will also be a crucial to the future outlook of banking as whole globally. So there are plenty of challenges ahead in 2011. A modest recovery is in prospect but it is unlikely to be strong enough to have any major impact. Interest rates will stay low but tax increases and public spending cuts are looming. But it should be better than 2010.
Sources and Works Cited
Reports and articles: ? Barclays Group PLC, Barclays Annual Report, 2009 ? Goldman Sachs, Global Banking Outlook Report, 2009 ? Damodaran, Aswath. Musings on the Market, 2010 ? Barclays Bank, UK Economic Outlook, 2010 ? KPMG, Banking in the United Kingdom: Impact of Global Recession, 2010 Websites: ? http://www.economist.com/ ? http://www.bloomberg.com/ ? http://www.bnymellon.com/ ? http://group.barclays.com/Home ? http://en.wikipedia.org/ 10 | P a g e
doc_224899139.pdf
reviews the bank, its operations and its future. It gives the analysis with the help of key financials. It also gives the SWOT analysis of Barclays.
Strategic Analysis of the Barclays Banking Group
A review of the bank, its operations and its future
Aashay S. Samant – 09P167 under the guidance of Prof. N. R. Bhushnurmath
MBFI
Aashay S. Samant
INDEX
Company information………………………………………………………………………………………………………………..3 Key Financials……………………………………………………………………………………………………………………………5 Business conditions and general economy…………………………………………………………………………………6 SWOT Analysis……………………………………………………………………………………………………………………………7 Recommendations………………………………………….…………………………………………………………………………8 Future Outlook…………………………………………………………………………………………………………………………..9 Sources and Work Cited…………………………………………………………………………………………………………10
2|Page
MBFI
Aashay S. Samant
Company Information
Barclays plc is a major British multinational financial services firm. Barclays PLC is ranked as the 21st largest company in the world by Forbes Global 2000 (2010 list). Barclays is the largest financial services provider globally with $3.7 trillion of assets. It is the second largest bank in the United Kingdom and the world based on asset size. The bank's headquarters are at One Churchill Place in Canary Wharf, in London's Docklands, having moved there in May 2005 from Lombard Street in the City of London. Its primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange. Barclays is headed by Marcus Agius, the Group Chairman, who joined the Board on 1 September 2006 and succeeded Matthew Barrett as Chairman from 1 January 2007. Agius is also the senior executive Director of the BBC and was formerly Chairman of BAA PLC, Chairman of Lazard in London and a Deputy Chairman of Lazard LLC until 31 December 2006. Reporting directly to the Group Chairman is John Varley, the Group Chief Executive, who is responsible for the strategic direction and planning of all Barclays operations. Varley was appointed to the role in September 2004 prior to which he served as Deputy Chief Executive (January-September 2004) and Group Finance Director (2000–2003). In November 2009 John Varley realigned Barclays' businesses into Global Retail Banking and Corporate and Investment Banking and Wealth Management. Global Retail Banking comprises UK Retail Banking, Barclaycard, the retail operations in Western Europe and Emerging Markets businesses, and retail operations and technology. Corporate and Investment Banking and Wealth Management comprises Barclays Capital, Barclays Commercial Bank and Barclays Wealth. This resulted in certain changes to the leadership team and an expansion of the Group Executive Committee (ExCo). The Barclays group is made up of multiple businesses in the finance domain. The Barclays Bank, as mentioned above is divided into three businesses. The structure of the Barclays group and the Barclays bank currently looks as given below.
3|Page
MBFI
Aashay S. Samant
Barclays Group
Barclays Bank PLC
Other Businesses
Global Retail banking and Corporate
Investment Banking
Wealth Management
Barclays has over 1800 UK high street branches (including former Woolwich branches) and it has also joined up with the Post Office Ltd to provide personal banking services to customers who live near a Post Office branch and those who need financial services such as secured or unsecured loans. Worldwide, Barclays has over 4,750 branches in over 50 countries. Most Barclays branches have 24/7 Cash machines. Barclays' customers and customers of many other banks can use Barclays ATMs at a fee. For instance in Ghana Barclays charge gh¢0.25 per withdrawal from their ATMs and gh¢1.00 when the card is used on other bank's ATMS Barclays Capital is a strong investment arm owned by Barclays Bank PLC. Barclays Capital had created an investment funds business that handles billions of pounds daily, iShares. After much debate, Barclays president Bob Diamond, along with other Barclays bosses chose to sell the iShares business to further boost capital. The preliminary price for the business is £3billion, although Barclays has the flexibility to sell at a higher price, should a bidder show interest before the selling deadline. Barclays is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no ATM access fees when traveling internationally. Other participating banks are Bank of America (United States), BNP Paribas (France), Ukrsibbank (Ukraine), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).
4|Page
MBFI
Aashay S. Samant
Key Financials
Source: Bloomberg
Source: Barclays Annual Report 2009
5|Page
MBFI
Aashay S. Samant
Business conditions and general economy
Barclays operates a universal banking business model and its services range from current accounts for personal customers to inflation-risk hedging for governments and institutions. The Barclays Bank also has significant activities in a large number of countries. There are, therefore, many ways in which changes in business conditions and the general economy can adversely impact Barclays’ profitability, be they at the level of the Group as a whole, or the individual business units or the specific countries in which it operates. The Barclays Group has a stress testing framework that helps it to understand the impact of changes in business conditions and the general economy, as well as the sensitivity of its business goals to such changes and the scope of management actions to mitigate their impact. The current downturn, higher unemployment in the UK, US, Spain and South Africa has led to increased arrears in the credit card portfolios, while falls in GDP have reduced the credit quality of the Group’s corporate portfolios. In both cases, there is an increased risk that a higher proportion of the Group’s customers and counterparties may be unable to meet their obligations. In addition, declines in residential and commercial property prices have reduced the value of collateral and caused mark to market losses in some of the Group’s trading portfolios. The business conditions facing the Barclays Group in 2010 as enumerated by a Goldman Sachs report on the same are as follows most notably: – The extent and sustainability of economic recovery and asset prices in the UK, US, Spain and South Africa as governments consider how and when to withdraw stimulus packages; – The dynamics of unemployment in those markets and the impact on delinquency and charge-off rates – The speed and extent of possible rises in interest rates in the UK, US and eurozone – The possibility of further falls in residential property prices in the UK, South Africa and Spain – The potential for single name risk and for idiosyncratic losses in different sectors and geographies where credit positions are sensitive to economic downturn – Possible additional deterioration in our remaining credit market exposures, including commercial real estate and leveraged finance – The potential impact of deteriorating sovereign credit quality – Changes in the value of Sterling relative to other currencies (which could increase risk weighted assets and therefore raise the capital requirements of the Group) – The liquidity and volatility of capital markets and investors’ appetite for risk (which could lead to a decline in the income that the Group receives from fees and commissions)
6|Page
MBFI
Aashay S. Samant
SWOT ANALYSIS OF BARCLAYS
Given below is an analysis of the strengths, weaknesses of Barclays Bank as well as the threats it faces along with some opportunities which are available to it. The SWOT analysis given below is used to then provide certain recommendations as to what the bank can do with regards to the future and what strategy it must adopt.
Strengths
? Barclays has a widespread global presence, allowing it to spread risk and enjoy economies of scale ? Has huge Customer Base ? The Barclays brand is well-established historically and thus has a strong brand name ? It is continually promoted, for example through sponsorship of Premier League football ? Barclays is particularly associated with innovation. It brought out the first credit card in 1966, and has continued to develop cards, most recently the OnePulse card combing Oyster, cashless and credit functions for London-based customers. ? The opening of several new flagship branches along with a refurbishment programme can be seen as an attempt to refocus on customer demands for a strong presence on the high street ? Barclays provide convenience in the form of online banking, mobile banking etc. and has a large retail branch availability
Weaknesses
? Services provided in Zimbabwe to individuals connected with Zanu PF have generated controversy and raised questions about Barclays’ ethical position: investors are increasingly concerned about ethics ? Large bonuses for Directors have attracted unwanted attention from commentators, and it has been speculated that the bank’s reluctance to take financing from the UK government is because that would end its autonomy with regard to bonuses ? Plans to expand in Asia were limited when Barclays were outbid for ABN Amro in 2006, and alternative expansion plans have had to be adopted ? The bank does not plan to pay dividends on its shares until 2011, making them less attractive to investors ? Weak wholesale banking operations ? Not as nimble as smaller, regional operators ? The company has lost the ability to compete head-to-head in an environment where it lacks a size advantage ? Recent downturn has hit the profits of Barclays group as a whole and has thus lead to a more conservative policy of operation which may lead to Barclays losing out on some opportunities 7|Page
MBFI
Aashay S. Samant
Opportunities
? Barclays was keen to acquire some of Lehman’s assets prior to its collapse: after the collapse, they have been able to negotiate a better deal with liquidators which also allowed them to be very selective in which parts of the business they acquired ? The bank’s strategy is to offer a full portfolio of services worldwide, providing a wide range of cross-selling opportunities ? Barclays Bank has acquired the Italian credit card business of Citibank International Bank ? Expansion in international markets ? Asia is still considered an opportunity for Barclays’ expansion, and operations are being set up in a number of locations ? Welfare provision has decreased in many countries because of the cost to governments, and Barclays sees self-provision as an increasing trend that it can utilize ? The court recently found that Barclays banking charges, which had been challenged legally, were enforceable, thus repayment is not necessary and charges can continue to be enforced ? Further consolidation in the banking industry
Threats
? If the economic downturn is prolonged, acquisition of Lehman’s assets could prove to be a mistake. ? Barclays has been accused of moving loss-making investments associated with the sub-prime market from its accounts to those of other investors, and there is a risk it may be sued. ? While offering a wide range of services provides opportunities, there is also the threat that customers may prefer to go to suppliers who present a more specialised approach ? Barclays acquired a reputation for closing branches because of a high incidence of this in 2000, and competitors have been able to position themselves as more consumer-friendly through a strategy of keeping branches open ? The Asia expansion is seen as risky given that Barclays are in a less strong position than banking industry leaders regarding capitalisation, and this may detract investors
Recommendations
The company has currently taken a conservative approach due to the recession. However, the downturn has provided many opportunities for consolidation. Also, with the BRIC and East Asian markets rebounding back faster than Europe or the Americas, this region looks to be a source of potential revenues and provides opportunities for increasing operations. With the United Kingdom and the Americas looking at a slow and prolonged phase of recovery, Barclays will need to adopt a policy of “look East” when it comes to operations. Hopefully, by the time the economies of South-east Asia overheat, the USA and Europe will hopefully be on the rebound providing a counter-cyclical opportunity for Barclays Bank.
8|Page
MBFI
Aashay S. Samant
Future Outlook
The following factors were found to be the ones most affecting the businesses in the United Kingdom in 2010. Inevitably, the downturn has caused a reduction in demand and affected all businesses worldwide including the Barclays Group.
Source: http://barclays.co.uk/
2011 should hopefully be a year of economic recovery, though at times it will seem barely noticeable. The consensus among economists is that growth will be no better than 1-2 per cent or so. That is not only feeble in relation to what the economy would normally be expected to grow by but it is also weak by the standards of past recoveries. As always, there is a difference between recoveries that are visible to economists and statisticians and those that are recognised as genuine upturns by firms. Many businesses, quite rightly, only acknowledge that a recovery has happened when turnover gets back to pre-recession levels. That will take some time. The recovery, indeed, is hugely dependent on what is happening outside the UK. Organisations like the OECD (Organisation for Economic Co-operation and Development) and IMF (International Monetary 9|Page
MBFI
Aashay S. Samant
Fund) expect the global economy to be reasonably strong, though largely on the back of growth in socalled emerging economies like China and India. For Britain, the domestic economy is likely to feel rather flat. The National Institute of Economic and Social Research (NIESR) in the UK sees no growth in consumer spending in 2010 and a further decline in business investment, which it expects to see fall by 7 per cent after a drop of 18 per cent in 2009. The economy will be driven by trade - exports outperforming imports - as a result both of the global upturn and the lower pound. When it comes to policy, interest rates should remain close to present levels for much if not all of 2010. Though Bank rate at 0.5 per cent is the lowest in the Bank of England's 300-year plus history, it is likely to remain exceptionally low. The tightening of fiscal policy in prospect puts the onus on the Bank of England to keep interest rates low. And even the fiscal squeeze we know about so far does not take account of the upcoming mid-term elections in the United States. How the United States reacts and what policy the US Federal Reserve adopts will also be a crucial to the future outlook of banking as whole globally. So there are plenty of challenges ahead in 2011. A modest recovery is in prospect but it is unlikely to be strong enough to have any major impact. Interest rates will stay low but tax increases and public spending cuts are looming. But it should be better than 2010.
Sources and Works Cited
Reports and articles: ? Barclays Group PLC, Barclays Annual Report, 2009 ? Goldman Sachs, Global Banking Outlook Report, 2009 ? Damodaran, Aswath. Musings on the Market, 2010 ? Barclays Bank, UK Economic Outlook, 2010 ? KPMG, Banking in the United Kingdom: Impact of Global Recession, 2010 Websites: ? http://www.economist.com/ ? http://www.bloomberg.com/ ? http://www.bnymellon.com/ ? http://group.barclays.com/Home ? http://en.wikipedia.org/ 10 | P a g e
doc_224899139.pdf