Jes Staley’s ‘I Told You So’ Tour Rolls On

Barclays had another quarter in which its I-bank wasn’t too embarrassing.
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(Getty Images for Yahoo Finance)

(Getty Images for Yahoo Finance)

They said it couldn’t be done, they in this case being The Wall Street Journal and a hedge fund with a 5.4% stake in Barclays and an eye on the head of the company’s chairman, and it being Barclays having an investment bank that should exist. Well, Jes Staley has a message for the haters and the doubters on the occasion of yet another better-than-expected quarter.

“There’s been a comment that European investment banks can’t compete with U.S. investment banks. I just point out that for four quarters in a row we have gained market share,” Mr. Staley told journalists on a call….

On Wednesday, he said the third-quarter results were the second set of “clean” results since that largely complete restructuring, and that Barclays could now invest for growth. Costs increased in the quarter, in part to keep digitizing the bank.

So, sure, some European investment banks can sort of be said to compete with Wall Street. Emphasis on the some.

Investment-banking revenue declined 13% from a year earlier to €3 billion. The lender suffered 15% declines in both fixed-income and equities sales and trading revenues from a year earlier….

Mr. Sewing told analysts Wednesday morning that Deutsche Bank has maintained its global profile in important ways, such as grabbing lead roles on public stock offerings. He said strategic decisions made earlier this year are hurting short-term results but will pay off in the long run, and said the bank is proving its discipline in boosting capital and controlling risks.

Barclays CEO Reassures Investors Over Strategy as Activist Looms [WSJ]
Deutsche Bank’s Trading Revenue Weighs on Third-Quarter Results [WSJ]
Earlier: Jes Staley Really Showed Us

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