Deutsche Bank downgraded Barclays to Hold and lowered its price target for the shares to 180p from 255p. The firm sees limited CET1 ratio and tangible book value growth in 2016.

Returns: targeting a greater than 12% RoTE; Capital returns: plan to return at least GBP 10bn of capital to shareholders between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks. Plan to keep total dividend stable at 2023 level in absolute terms, with progressive dividend per share growth driven through share count reduction as a result of increased share buybacks. Dividends will continue to be paid semi-annually. This multi-year plan is subject to supervisory and Board approval, anticipated financial performance and our published CET1 ratio target range of 13-14%; Income: targeting Group total income of c.GBP 30bn; Costs: targeting total Group operating expenses of c.GBP 17.0bn and a Group cost: income ratio of high 50s in percentage terms. This includes total gross efficiency savings of c.GBP 2bn by 2026; Impairment: expect an LLR of 50-60bps through the cycle; Capital: expect to operate within the CET1 ratio target range of 13-14%; Targeting IB RWAs of c.50% of Group RWAs in 2026; Impact of regulatory change on RWAs in line with prior guidance, expected to be at lower end of 5-10% of Group RWAs. This includes c.GBP 16bn RWAs expected in H224 due to USCB moving to Internal Ratings-Based models

Returns: targeting RoTE of greater than 10% and c.10.5% excluding inorganic activity; Income: targeting Barclays Group NII excluding IB and Head Office of c.GBP 10.7bn, of which Barclays UK NII of c.GBP 6.1bn; Costs: targeting Group cost: income ratio of c.63%, which includes c.GBP 1bn of gross efficiency savings in 2024; Impairment: expect an LLR of 50-60bps through the cycle; Capital: expect to operate within the CET1 ratio target range of 13-14%.