in search of to maximise revenue, no matter the price

As the FT notes this morning, Barclays Financial institution has introduced a reorganization of its enterprise because of which:

Barclays is … planning to maintain a decent lid on bills, aiming for a value to earnings ratio of 63 per cent this 12 months, down from 67 per cent in 2023. By 2026 it needs the determine to fall to “excessive 50s in share phrases”.

Let’s unpack that.

First, they assume rates of interest ought to keep excessive. That is the best technique to obtain this purpose. You’ll be able to make certain that the lobbying on the Financial institution of England could be very intense in consequence, at value to us all.

Second, they need to screw their clients – not least these with mortgages and enterprise loans.

And third, they may, little doubt hope to screw their workers. Count on AI to be part of that plan.

The intention is to make £10 billion extra obtainable to shareholders over the subsequent 5 years.

By no means let it’s stated that rentier, extractive and exploitative capitalism is lifeless. It is alive and kicking within the Metropolis of London.

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