Spreadex Market Update
Bank's reputation takes another hit
And with the media reporting today that Barclays – one of the more profitable UK banks – has been cleverly avoiding tax to the effect of £500m, any improved perception of banking by the populous is clearly a long way off, or at best not helped.
It wouldn’t matter as much, perhaps, if chief executive Bob Diamond hadn’t once laboured how he once kicked out thirty members of staff for breaking his ‘new ethics rules’, citing too much greed as a problem.
Obviously, though, it would. It just might not leave as bad a taste with those who enjoyed the proposals.
The market this morning feels indifferent about the news, however, with the stock switching between gains and losses in line with the broader market in early trading.
In fact, Barclays continues to outperform having rallied more than 50 percent in just over two months, something more commonly seen from the more risky small-caps than banking behemoths. So, the market plainly likes Barclays.
But to any participant with a keen memory and a pinch of cynicism, just because a security can be seen to have recovered from being unnecessarily cheap does not mean it will continue to become less cheap or indeed expensive.
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