Pui Mong's questions to Barclays PLC (BCS) leadership • Q1 2025
Question
Pui Mong from Bank of America asked about the US cards margin outlook if the Fed cuts rates more aggressively than expected. She also questioned the path to the >12% RoTE target for 2026, asking where consensus might be too pessimistic.
Answer
Executive Angela Cross explained that US cards' interest rate risk is hedged, with the offset appearing in non-NII, protecting overall income from margin compression. She reaffirmed confidence in the 2026 targets, citing diversified income growth, cost control, and an impairment outlook expected to remain within the guided 50-60 basis point range.