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The Barclays boss said the economy was enjoying a “brilliant landing” as the bank reported an 18 per cent rise in quarterly profits to £2.2bn.
The shares rose 4.2 per cent, or 9.9 pence, to 248 pence, a nine-year high, as its consumer lending business performed well and its investment banking arm was boosted by a increase in corporate agreements.
Chief Executive CS Venkatakrishnan said the UK and US economies were “getting closer to what anyone would reasonably call a soft landing”, where authorities control inflation without triggering a recession.
“I’ve sometimes called it a feather landing, that’s how soft it is,” the Barclays boss said.
Soft fall: Barclays chief executive CS Venkatakrishnan (pictured) said the UK and US economies were “approaching what anyone would reasonably call a soft landing”.
He pointed to low unemployment and economic growth on both sides of the Atlantic.
Investment banking revenue was up 13 percent, he said, due to “some large transactions that we’ve been an important part of.”
The bank advised on deals such as Indian telecoms giant Bharti Global, which took a 25 per cent stake in BT, and Verizon, which bought rival Frontier Communications for £15bn in the US.
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