• Barclays held its Q3 2026 sell-side analyst meeting on November 10, attended by Group Finance Director Anna Cross, treasury executives and analysts.
• Cross expects net interest income growth into 2027, with emerging consensus for Group and UK net interest income broadly appropriate.
• Costs are expected around £18.4 billion in 2027, with investment spending accelerated; the 2028 cost-to-income ratio target remains in the low 50s.
• The UK banking surcharge increase should add £100 million to 2027 taxes, partly offset by a £75 million benefit in Q4 2026.
• Fourth-quarter fixed-income trading conditions remain difficult, though several positioning issues from late Q3 have worked through.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Barclays plc published the original content used to generate this news brief on November 10, 2026, and is solely responsible for the information contained therein.