Barclays releases transcript of Q2 2026 sell-side analyst meeting

Barclays published a transcript of its Q2 2026 sell-side analyst meeting attended by Group Finance Director Anna Cross and Group Treasurer Dan Fairclough.

• Barclays UK NII seen around the middle of the GBP 8.1-8.3 billion 2026 range; Q3 product margin expected neutral to positive.
• Up to GBP 300 million extra 2026 structural cost actions flagged; up to GBP 600 million for the year; GBP 200-300 million cited as normal run-rate.
• H2 costs expected to rise GBP 100-150 million from material risk-taker pay mix changes; weighted to Investment Bank; not expected to repeat materially.
• US Consumer Bank repositioned around Best Egg acquisition and Samsung partnership; Samsung contribution expected small initially; US deposit growth target not set.