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All eyes on dividends: What to expect from Barclays and Natwest this week
Barclays Covid bad loan provisions were offset by strong performance in its investment bank (AFP via Getty Images)
Barclays and Natwest will be the first of the major high street banks to report full year results this week.
It has been a difficult 12 months with Brexit weighing on sentiment in addition to the fallout from the pandemic.
All eyes will be on dividend payments after the Prudential Regulation Authority effectively banned payouts last year. The Big Five banks – which also include HSBC, Standard Chartered and Lloyds – are expected to pay out £5bn in dividends for 2020 and £8.1bn in 2020.
Trading in euro-denominated swaps has dropped by nearly 30 per cent in London since the end of the Brexit transition period on 31 December, with trade primarily shifting to New York, Amsterdam and Paris.
Exclusive: Brexit hit to London may top £9.5bn a year without EU financial services deal
London, at the heart of the UK’s service sector economy, may lose up to £9.5bn in economic output a year from Brexit.
And it could be worse if a post-Brexit deal on financial services doesn’t eventuate, research out this morning finds.
Financial services, which was carved out from the post-Brexit trade deal between the UK and the EU, may account for more than £2bn in lost GDP per year.
Mayor of London Sadiq Khan has today published an analysis of the Government’s Brexit trade deal from a London perspective by the Centre for Economics and Business Research (CEBR).
Beazley saw a loss before tax of $50.4m in 2020, down from a profit of $4267.7m the previous year, as the coronavirus pandemic took a toll on the firm.