Barclays PLC (BCS): Business Model Canvas [Dec-2025 Updated]

You're looking at the operating model for Barclays PLC as of late 2025, and honestly, the story isn't about massive expansion; it's about sharp focus and rewarding shareholders. After years of reshaping, the bank is running a leaner ship, targeting a cost-to-income ratio in the high 50s by 2026 while maintaining a rock-solid capital base with a 14.1% CET1 ratio as of Q3 2025. This diversified giant-balancing a stable UK retail base with a high-margin Investment Bank-is now laser-focused on hitting its upgraded greater than 11% RoTE target for the full year 2025 and returning at least £10 billion to investors by the end of 2026. Dive into the nine blocks below to see exactly how Barclays is structuring its key activities, resources, and revenue streams to make this simplified, capital-return story a reality.

Barclays PLC (BCS) - Canvas Business Model: Key Partnerships

Strategic multi-year agreement with SIX for global financial data access:

• Agreement signed on 14 October 2025.
• The alliance is for a seven-year term.
• Supports Barclays\' ambition to cut costs by £2 billion by 2026.
• Provides access to real-time market data, wealth management capabilities, and regulatory reporting solutions.

Multi-year deal with S&P Global for data and Capital IQ platform access:

• Strategic agreement announced on 23 July 2025.
• Grants Barclays full access to the S&P Capital IQ Pro platform.
• Barclays contributes its own pricing and valuation data to enhance S&P Global\'s cross-asset services.
• Aims to enhance accuracy and coverage in bonds, loans, credit and derivative pricing.

Collaboration with Brookfield Asset Management Ltd on payment acceptance business:

This partnership, announced in April 2025, involves a significant capital commitment and an ownership transfer path for the payment acceptance division, which operates under the Barclaycard Payments brand.

Metric	Barclays Commitment/Stake	Brookfield Role/Stake
Initial Investment	Committed approximately £400 million	Provides transformation expertise
Exclusivity Period	Exclusive provider for a minimum of ten years	Receives a performance-based financial incentive
Ownership Path (Year 3-7)	Option for Brookfield to acquire up to 70%	Potential to reach up to 80% ownership
Retained Stake	Intends to retain a 20% stake	Initial incentive converts to an additional 10% stake upon sale

The underlying business processes billions of pounds in transactions annually for SMEs and corporates.

Strategic relationship with Tesco Bank following the acquisition of its retail banking business:

The acquisition completed on 1 November 2024, establishing a long-term distribution partnership.

• Total consideration payable by Barclays UK at completion was £0.6 billion ($\mathbf{\$775}$ million), plus a potential further £100 million in cash.
• The exclusive strategic partnership with Tesco Stores Limited is for an initial period of 10 years.
• The acquired tangible net assets included £4.2 billion of gross credit card receivables and £4.2 billion of gross unsecured personal loans.
• The deal was estimated to generate a 50 basis points (bps) accretion for the 2024 group Return on Tangible Equity (RoTE).
• The business continues to operate under the Tesco Bank brand under Barclays UK management.

Global network of financial market infrastructure providers and central banks:

• Barclays PLC 2025 US Resolution Plan identifies clients including central banks, global banks, and financial institutions.
• The corporate banking business supports financial institutions with services like lending, risk management, and payments.
• Barclays Bank UK PLC is the UK ring-fenced bank.

Barclays PLC (BCS) - Canvas Business Model: Key Activities

You're looking at the core actions Barclays PLC takes to run its business, focusing on the hard numbers that define their operational intensity as of late 2025. It's about where they put their effort and capital to work, so let's cut straight to the figures.

Investment Banking: Trading, Advisory, and Capital Markets Execution

The Investment Bank remains a key activity, driving significant risk-weighted assets (RWAs) and fee income. The focus here is on productivity and market share gain. For instance, the Investment Bank's RWAs represented 56% of the Group's total RWA allocation at the end of 2024, on the way to a 2026 target of circa 50%. The Return on Tangible Equity (RoTE) for the Investment Bank improved to 12.2% in Q2 2025, up 2.6 percentage points year-on-year.

Delivering Cost Efficiency

Aggressive cost management is a central activity, underpinning the goal for structurally higher returns. Barclays management expects total gross efficiency savings of £2 billion by the end of 2026. They hit their gross savings target of circa £500 million for 2025 a quarter ahead of schedule. For the first half of 2025 alone, they achieved £350 million in gross efficiency savings. This efficiency drive is aimed at getting the Group cost-to-income ratio into the high 50s% by 2026.

Managing Global Balance Sheet and Capital Strength

Maintaining a robust capital buffer is a non-negotiable daily activity. Barclays PLC's actual Common Equity Tier 1 (CET1) ratio stood at 14.1% as of the third quarter of 2025, sitting comfortably above their stated target range of 13-14%. This strong position was confirmed by passing the Bank of England's 2025 stress test.

Here's a quick look at the capital position against the stress test minimums:

Metric	Actual (Q3 2025)	Minimum Stressed Ratio (After Actions)	Minimum Regulatory Requirement
CET1 Ratio	14.1%	9.3%	7.2%
Tier 1 Leverage Ratio	4.9%	4.2%	3.25%

Digital Transformation and App Development

Investing in digital channels is critical for customer engagement and operational leverage. You were targeting 22% user growth for the Barclays app in 2024 [cite: user-provided-outline-data]. The app is clearly a major touchpoint, recording nearly five billion logins a year. The bank is actively leveraging Artificial Intelligence in areas like payments and fraud detection.

• The app features enhancements like increased daily payment limits.
• Customers can access cash from ATMs without a card.
• Enhancements were made to the automated digital assistant.

Underwriting and Originating Loans

The origination of credit products-mortgages, credit cards, and corporate loans-is a core function, especially within the UK. Barclays Bank UK supported over 100,000 homebuyers and owners with mortgage applications in 2024. In Business Banking, the bank lent £2.17bn to SMEs during 2024 to help them grow. The combined RWA growth for Barclays UK and the UK Corporate Bank was £2.2bn in Q1 2025. The bank also processes over 40% of the UK's credit and debit card transactions.

Finance: draft the Q4 2025 RWA forecast by next Tuesday.

Barclays PLC (BCS) - Canvas Business Model: Key Resources

You're looking at the core assets that power Barclays PLC's operations as of late 2025. These aren't just line items on a balance sheet; they are the engines driving its global financial services machine.

Strong capital base is definitely a bedrock, especially after the Bank of England's 2025 stress test results. The bank demonstrated its resilience by maintaining a strong position throughout the simulated adverse scenario. Here's a snapshot of that capital strength:

Metric	Value (Q3 2025 Actual)	Context/Requirement
Common Equity Tier 1 (CET1) Ratio	14.1%	Actual ratio as of Q3 2025.
CET1 Minimum Stressed Ratio (After Actions)	9.3%	Well above the minimum requirement of 7.2%.
Leverage Ratio	4.9%	Actual ratio as of Q3 2025.
Leverage Ratio Minimum Requirement	3.25%	Actual ratio was 4.9% versus this minimum.

The Global Investment Bank brand and its trading infrastructure remain a massive resource, even with industry headwinds. Barclays International, which houses a significant part of this operation, contributed a substantial portion of the group's overall revenue.

The contribution from the international arm is clear:

• Barclays International provides 55% of group revenues.
• Industry-wide investment banking revenue fell by approximately 45-50% in 2025.
• Equity capital markets teams in major banks operated at 50-60% capacity during 2025.

When you look at proprietary technology platforms and cloud-based CRM systems, you see the ongoing race to digitize. While specific internal platform names aren't public, the focus on advanced tech is evident across the sector. For instance, two-thirds of the fintech companies surveyed by Barclays see Generative AI (GenAI) as significant to their growth plan in 2025. This implies a heavy internal investment in similar capabilities to maintain competitive parity. The scale of the infrastructure is suggested by the fact that Europe's fifth-largest bank, with assets around €1.7T, experienced a system-wide glitch in early 2025, exposing vulnerabilities in its digital banking infrastructure.

The large, stable UK retail deposit base and customer data provide a consistent funding source. This base supports the UK operations, which saw stable net interest income despite the economic environment.

Here are some figures related to the UK retail footprint:

• Serves more than 14 million UK customers.
• Net interest income in the retail sector was stable at £3.2 billion for the quarter.
• The Tesco Bank acquisition in Q4 2024 added approximately £7 billion of deposits.

Finally, the highly-skilled talent in global financial hubs like New York and London is a critical, though currently volatile, resource. The bank maintains a presence in these key locations for its Investment Bank and other functions, but the market has seen significant adjustments in 2025.

The talent landscape in these hubs shows a clear trend toward efficiency:

Location/Group	Talent Trend/Data Point	Context
New York, London, Hong Kong	Layoffs surged in these hubs.	Investment banking hubs seeing the highest impact from industry revenue decline.
Deal-making Staff (Hired 2021-22)	Over 15-20% laid off by late 2025.	Reflects restructuring in high-cost investment teams.
Compliance and Legal Advisory Headcount	Dropped by 15% in 2025.	Directly tied to reduced M&A activity.
Key Hiring Locations Mentioned	New York, London, Glasgow, Northampton, Radbroke, Whippany.	Indicates a distributed, global talent strategy.

The bank continues to recruit for specialized roles in these areas, such as Banking Analyst (Coverage/M&A) Summer Internship Program in New York City and Credit Risk Strategy Analyst roles in London.

Barclays PLC (BCS) - Canvas Business Model: Value Propositions

You're looking at the core value Barclays PLC offers its customers and shareholders as of late 2025, grounded in its strategic direction.

The bank's primary value proposition rests on its diversified universal bank model, which balances the stability of its UK-centric retail and business banking with the higher margins from its global Investment Bank.

This balance is quantified by segment performance and targets:

Metric / Segment	2024 Actual	2025 Guidance / Latest Data (Q2 2025)	2026 Target
Group RoTE	10.5%	c.11% (Upgraded from c.11%) / Q2 Statutory RoTE: 12.3%	In excess of 12%
Barclays UK RoTE	23%	19.7% (Q2 2025)	N/A
Investment Bank RoTE	8.5%	12.2% (Q2 2025)	Greater than 12% (Implied by segment performance meeting 2026 goal early)
Group Cost-to-Income Ratio (CIR)	62%	59% (Q2 2025)	High 50s %

The commitment to operational excellence is a key value driver, aiming to improve the Group CIR to c.61% for the full year 2025, moving toward the 2026 target of the high 50s %. This efficiency drive is supported by a targeted gross saving of approximately £0.5 billion.

For corporate clients, Barclays PLC offers access to global capital markets and sophisticated advisory services, a value proposition underpinned by its scale:

• Facilitated over $1.8 trillion in funding to businesses in the US through global equity and debt markets in 2024.
• Serves around a quarter of UK corporates and approximately 1 million SMEs.
• Investment Bank income growth was strong, with revenue increasing by 16% year-over-year in Q1 2025.

As a UK-centered financial leader, the bank emphasizes stability in its home market, especially following the acquisition of Tesco Bank. This focus is reflected in the Net Interest Income (NII) projections:

Barclays PLC forecasts Group NII, excluding the Investment Bank and headquarters, to surpass £12.5 billion for 2025, with the Barclays UK segment contributing more than £7.6 billion of that. The bank supports over 20 million UK retail customers.

A core value proposition for shareholders is the commitment to return capital. Barclays PLC has a multi-year plan to return at least £10 billion of capital to shareholders through dividends and share buybacks between 2024 and 2026.

The progression toward this goal is evident in recent payouts:

• Total capital distributions for 2024 were £3.0 billion.
• Total payouts in the first half of 2025 reached £1.4 billion, representing a 21% increase compared to H1 2024.
• The dividend per share increased to 8.4p in 2024, up from 8.0p in 2023.

The bank has upgraded its 2025 RoTE guidance to greater than 11%, building on the 2024 actual of 10.5%, keeping it firmly on track for the 2026 target of RoTE in excess of 12%. The Q2 2025 statutory RoTE of 12.3% already exceeded the 2026 target for that specific quarter.

Finance: draft 13-week cash view by Friday.

Barclays PLC (BCS) - Canvas Business Model: Customer Relationships

You're looking at how Barclays PLC structures its interactions with its diverse client base, from mass-market retail to the ultra-wealthy. The approach is segmented, moving from high-tech self-service to dedicated, high-touch advisory models.

Dedicated relationship managers for Wealth and Investment Banking clients are a cornerstone for the higher-value segments. Barclays Private Bank and Wealth Management is actively bolstering this with plans to hire up to 100 more advisers, including relationship managers, to serve its target market. Eligibility for Relationship Management within Barclays International Banking specifically requires a minimum of £250,000 (or currency equivalent) across all accounts. The Private Banking International business focuses on clients with more than £5m in investable assets. The overall Private Bank and Wealth Management division ended 2024 with invested assets (under management and supervision) reaching £124.6 billion, a significant increase from £108.8 billion at the end of 2023.

The bank is segmenting its UK wealth proposition to capture clients earlier, targeting about 4 million Barclays UK customers with investable assets between £250,000 to £3 million for enhanced services.

The commitment to personalized service is quantified by the bank's focus on its high-value segment:

Metric	Value/Target	Context
High-Net-Worth Client Retention (2024)	92%	Targeted high-touch retention rate for HNW clients.
PBWM Total Income (Full Year 2024)	£1.309 billion	Year-on-year income growth of 8% for the division.
PBWM Attributable Profit (2024)	£288 million	A fall of 13% for the full year 2024.
PBWM Q4 2024 Cost/Income Ratio	75%	Narrowed from 82% in Q4 2023.

Highly personalized, data-driven service via cloud-based CRM is an underlying operational requirement to support these relationship managers, though specific CRM usage statistics aren't public. The bank is increasing technology spending in the wealth business by more than 75% from 2021-2022 levels to support this.

For the broader customer base, self-service digital tools via the Barclays app and online portals are heavily utilized. The Barclays app recorded nearly five billion logins a year in 2024. Furthermore, 35% of Barclays business clients have downloaded the mobile app, and nearly 50% of their mobile bankers use the app on a daily basis.

Barclays PLC also maintains structures for financial assistance teams for customers facing financial difficulty, reflecting an empathetic approach to customer support. In 2024, the bank reported a 36% reduction in BPLC customer complaints compared to 2023, alongside improvements in customer satisfaction during phone interactions. Research sponsored by Barclays indicates that individuals struggling with long-term financial difficulties are 5.5 times more likely to experience a mental health problem.

The digital engagement of the retail base is strong:

• The Barclays app has nearly five billion logins a year (2024 data).
• 35% of Barclays business clients use the mobile app.
• The bank serves over 20 million retail customers in the United Kingdom.

Finance: draft 2026 customer engagement KPI targets by Friday.

Barclays PLC (BCS) - Canvas Business Model: Channels

You're looking at how Barclays PLC gets its value propositions to its customers across its diverse segments, which is a mix of shrinking traditional footprints and expanding flexible, digital access points.

The global network of physical branches is definitely being reduced, reflecting a shift in customer behavior. Barclays planned to shut six branches in 2025, following 90 closures in 2024 and 177 closures in 2023. As of January 2024, Barclays had 1,447 branches in the UK.

Channel Metric	2023 Count	2024 Count (Planned/Actual)	2025 Count (Planned)
UK Branch Closures	177	90	6
Total UK Branches (Jan 2024)	N/A	1,447	N/A

To maintain an in-person presence where demand no longer supports a full branch, Barclays Local flexible banking pop-ups are expanding across community spaces. Barclays had 200 Barclays Local sites open by the end of 2022, with plans to expand by over 70 more sites in the first half of 2023. This network is now live in over 300 locations, situated in places like libraries and town halls.

For mass-market self-service, the digital channels are the primary interface. Over 90% of customer transactions were conducted via the Barclays app or online in the period leading up to late 2025. Over 10 million people bank using the Barclays app.

• 87% of UK adults use some form of online or remote banking, equating to approximately 47 million people.
• Globally, 77% of all banking interactions now happen through digital channels.
• 89% of all U.S. banking customers use online banking platforms.

Dedicated corporate and investment banking offices are strategically placed in global financial centers to serve institutional clients. The New York office serves as Barclays' US headquarters and the Americas hub for the Corporate and Investment Bank (CIB), housing over 4,500 professionals.

Region	Key Financial Center Locations
Americas (US Hub)	New York (HQ/CIB Hub), Atlanta, Boston, Chicago, Houston, Los Angeles, Menlo Park, San Francisco, Seattle, Washington DC
International Presence	UK, Brazil, Canada, India, Japan, Korea, Luxembourg, Macedonia, Saudi Arabia, Singapore, Spain, Switzerland, Johannesburg (South Africa)

Mobile banking vans and banking pods supplement the physical network, offering scheduled, non-cash support. As part of the Barclays Local service expansion announced in early 2023, the bank planned to add six electric vehicle (EV) banking vans to an existing fleet of 10. These mobile units and pods operate at set times in public spaces or shopping centers, providing guidance but no counter service.

Barclays PLC (BCS) - Canvas Business Model: Customer Segments

Barclays PLC serves a diversified client base across its five main divisions, with specific quantitative criteria defining entry into several key segments as of late 2025.

The core UK Retail Banking segment is defined by specific income and age thresholds, forming the base of the Barclays UK division.

• Adults aged 25-55.
• Minimum annual income of £30k.

This foundational segment is substantial; Barclays holds a 10% market share in UK retail banking as one of the 'Big Four' institutions, and the UK retail banking division is trusted by over 20 million customers as of Q3 2025.

The Mass Affluent Segment represents a crucial, high-value group within the wealth management franchise, characterized by their investable assets.

This segment contributed approximately 40% of the division's 2024 profits, making it the largest revenue share contributor among the B2C groups mentioned in the strategy review.

For the Global Corporate and Institutional Clients, the threshold for inclusion in the UK Corporate Bank is based on annual revenue, while the Investment Bank targets larger entities globally.

The UK Corporate Bank serves clients with annual revenue greater than £6.5m through to FTSE 350 companies, acting as a trusted banking partner to c.13k clients as of Q3 2025. The criteria for the broader institutional segment includes annual turnover above £6.5 million.

The Specialist US Consumer Bank focuses heavily on credit card users, an area where Barclays is a significant player in the US market.

Barclays is the #8 US card issuer, serving over 24 million customers through its co-branded credit card programs as of Q3 2025. The US division generated over £3.2 billion in income in 2024. Across the entire US market in 2025, there are over 827 Million credit cards circulating.

High-Net-Worth Individuals and Private Banking clients are served by the Private Bank and Wealth Management (PBWM) division, which focuses on securing and growing significant client assets.

As of Q3 2025, PBWM held Client Assets and Liabilities of £221.5bn. This segment demonstrated strong loyalty, achieving an exceptional 92% retention rate in 2024.

Here is a summary of the key segments and their associated financial or statistical markers:

Customer Segment	Defining Criteria/Metric	Associated Financial/Statistical Number
Core UK Retail Banking	Adults aged 25-55 with min £30k income	20 million+ customers (UK retail division)
Mass Affluent Segment	Investable assets between £100k-£500k	Contributed 40% of division's 2024 profits
Global Corporate & Institutional Clients	Annual turnover above £6.5 million	c.13k clients (UK Corporate Bank)
Specialist US Consumer Bank Card Users	Co-branded credit card holders	#8 US card issuer
High-Net-Worth Individuals & Private Banking	Client Assets and Liabilities (AUM proxy)	£221.5bn in Client Assets and Liabilities (Q3 2025)

The US Consumer Bank segment, which houses the specialist credit card users, saw its book characterized by a prime average customer FICO score of >750 as of Q3 2025.

Finance: draft 13-week cash view by Friday.

Barclays PLC (BCS) - Canvas Business Model: Cost Structure

The Cost Structure for Barclays PLC is heavily influenced by personnel expenses, technology modernization, and navigating the regulatory landscape. You see this reflected in the scale of their operating expenses, which are managed with a clear efficiency goal in mind.

The Investment Bank component is a major cost center, primarily driven by staff compensation and performance-related pay. While specific compensation figures aren't explicitly broken out in the latest releases, the overall expense base reflects this significant outlay. Furthermore, Barclays continues to absorb significant IT and digital transformation investment costs as part of its multi-year strategic plan to modernize infrastructure and enhance digital offerings across its franchises.

Regulatory compliance and risk management costs are a constant, non-discretionary expense. This category is visibly impacted by specific conduct provisions, such as the one related to motor finance.

A concrete example of a regulatory-driven cost is the motor finance redress provision, totaling £325 million as of Q3 2025. This provision followed a review of the Financial Conduct Authority's (FCA) consultation paper CP25/27, resulting in an incremental charge of £235 million recognized in Q3 2025, up from a prior provision of £90 million at the end of 2024. This specific charge was estimated to reduce the Group's CET1 ratio by approximately 5 basis points.

The overarching focus for managing these expenditures is efficiency. Barclays is intensely focused on operating costs aimed at achieving a cost-to-income ratio in the high 50s by 2026. This target is supported by ongoing structural cost actions; for instance, the bank achieved its gross efficiency savings target of £500 million for 2025 one quarter early. The total gross efficiency savings target set for the end of 2026 is £2 billion.

Here's a quick look at the most recent reported operating cost figures, which encapsulate all these drivers:

Metric	Period/Date	Amount (GBP)
Group Total Operating Expenses	Q3 2025	£4.5bn
Group Operating Costs (Absolute)	Q3 2025	£4.3bn
Group Total Operating Expenses (YTD)	Nine Months Ended Q3 2025	£13.1bn
Group Operating Costs (YTD)	Nine Months Ended Q3 2025	£12.7bn
Motor Finance Redress Provision (Total)	As of Q3 2025	£325 million
Motor Finance Redress Incremental Charge	Q3 2025	£235 million
2025 Guidance Cost:Income Ratio	Full Year 2025	c.61%
2026 Target Cost:Income Ratio	Year End 2026	High 50s %

The cost base in Q3 2025 showed a 14% year-on-year increase in total operating expenses, which management attributed to Tesco Bank costs, further investment spend, business growth, and inflation, partially offset by cost efficiency savings of approximately £180 million for the quarter.

You can see the efficiency drive in the year-to-date figures as well:

• Group total operating expenses for the nine months ended Q3 2025 were £13.1 billion, an 8% year-on-year increase.
• This increase was partially offset by approximately £530 million of cost efficiency savings year-to-date.
• The cost-to-income ratio for the nine months ended Q3 2025 was 59%, an improvement from 63% in the same period last year.

Finance: draft a sensitivity analysis on the impact of a 100 basis point increase in staff compensation costs on the 2026 cost-to-income target by next Tuesday.

Barclays PLC (BCS) - Canvas Business Model: Revenue Streams

You're looking at how Barclays PLC actually makes money, which is key to understanding its valuation, so let's break down the reported and forecasted revenue streams as of late 2025.

Net Interest Income (NII) from lending and deposits remains a foundational pillar. For the full year 2025, Barclays PLC forecasts Group NII, excluding the Investment Bank (IB) and Head Office, to be more than £12.6 billion. This is supported by the Barclays UK NII guidance, which is set to exceed £7.6 billion for FY25. For the nine months ended September 30, 2025, the Group NII excluding IB and Head Office reached £9,363 million. In the third quarter of 2025 alone, this specific NII component was £3.3 billion, marking a 16% increase year-on-year.

The Investment Bank contributes through various activities, including advisory and underwriting, which fall under Investment Banking fees. In Q3 2025, the overall Barclays Investment Bank income saw an 8% increase year-on-year, with growth noted across Global Markets and Investment Banking. To give you a sense of stability, stable income streams within the Investment Bank, which include Financing, accounted for 40% of the division's income over the past year, up from 29% in 2021.

Income from the consumer-facing parts of the business is significant. The US Consumer Bank (USCB), which drives credit card and unsecured lending income in the US, reported an income increase of 19% in Q3 2025, helped by repricing and the acquisition of the General Motors co-branded cards portfolio. At the end of Q1 2025, the US Consumer Bank's end net receivables stood at $33.0 billion.

Trading income from the Markets division is captured within the Investment Bank's Global Markets segment. The bank noted capturing the benefit of greater market volatility in Q1 2025. The overall Group income for Q3 2025 was £7.2 billion, up 9% year-on-year.

Finally, Wealth and Private Banking fees are generated by the Barclays Private Bank and Wealth Management (PBWM) division. This segment's income grew by 3% in Q3 2025, driven by higher client balances from net new inflows and market movements.

Here's a quick look at the Q3 2025 income breakdown by major segment:

Revenue Stream Component	Q3 2025 Income (Reported)	Year-on-Year Change (Q3 2025 vs Q3 2024)
Group Income (Total)	£7.2 billion	Up 9%
Group NII excl. IB and HO	£3.3 billion	Up 16%
Barclays UK Income	Not explicitly stated	Up 16%
Barclays Investment Bank (IB) Income	Not explicitly stated	Up 8%
Barclays US Consumer Bank (USCB) Income	Not explicitly stated	Up 19%
Barclays Private Bank and Wealth Management (PBWM) Income	Not explicitly stated	Up 3%

You can see the focus on stable income streams across the business:

• Structural hedge income continues to support Barclays UK NII growth.
• Financing and International Corporate Bank are driving stable income growth within the Investment Bank.
• Barclays UK serves over 20 million customers.
• The bank has locked in £11.1 billion of gross structural hedge income for 2025 and 2026.

The overall FY2025 guidance points to a strong NII performance, which is the core engine for the bank right now. Finance: draft 13-week cash view by Friday.