Alvaro de Tejada
Morgan Stanley, Research Division
Thanks, everyone, for coming to this session with Barclays. Thanks, Venkat, for joining us one more year. Venkat, CEO of Barclays, as you all know. As usual, before kicking off the session, we will ask the polling question.
What would drive relative outperformance of Barclays shares in 2026? Number one, U.K. business is growing loans over 5% CAGR. Number two, its markets business successfully navigating current volatility; number three, cost income on course to reach the low 50s in 2028, cost of risk remaining between 50 and 60 basis points. And number five, capital distribution seem to beat the over GBP 15 billion target ’26, 2028.
[Voting]
Alvaro de Tejada
Morgan Stanley, Research Division
Capital distribution over GBP 15 billion. I must admit I thought #4, which had obviously embedded private credit in there [indiscernible]. We’ll touch on the different themes in any case.