Salz Review - Wall Street Journal

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223 Salz Review An Independent Review of Barclays’ Business Practices UK banks’ leverage (assets / equity) evolution, 2000 – 2012 50 40 30 Maximum Average Minimum Barclays 20 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Note: Banks in sample are HSBC, Lloyds, Standard Chartered, RBS and Barclays Source: Annual reports UK and international banks’ leverage (assets / equity) evolution, 2000 – 2012 70 60 50 Maximum Average Minimum Barclays 40 30 20 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Note: Banks in sample are Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, RBS, Credit Suisse, Deutsche Bank, HSBC, Lloyds, Standard Chartered, UBS and Barclays. Care must be taken when comparing leverage ratios between financial institutions in different jurisdictions, as rules for netting assets and liabilities may differ Source: Annual reports Price to Book Ratio For banks, the ratio of market share price divided by the book value per share is often used as a measure of the value shareholders ascribe to the bank compared to the value of the net assets of the bank in its accounts. If the ratio is below one, then there is a discount being applied. Major financial institutions’ price to book ratio dropped significantly between 2000 and 2008. Barclays’ ratio has been below the vast majority of its peers’ and has been less than 1 since 2008. At the end of 2012, Barclays’ price to book ratio was 0.51, lower than all other major financial institutions considered.
Salz Review An Independent Review of Barclays’ Business Practices 224 Historical price to book ratios of major financial institutions by geographical area, 2000 – 2012 Price to book ratio 3 2 Barclays Average UK Average US Average Europe 1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Notes: UK sample includes RBS, HSBC, Lloyds and Standard Chartered; US sample includes Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley; European sample includes Credit Suisse, Deutsche Bank and UBS Source: Annual reports Price to book ratios of major financial institutions, 2012 Standard Chartered 1.21 UBS 1.07 HSBC 1.06 JP Morgan 0.82 Goldman Sachs 0.80 Lloyds 0.75 Credit Suisse 0.68 Citigroup 0.63 Deutsche Bank 0.57 Morgan Stanley 0.54 RBS 0.51 Barclays 0.51 0.00 0.50 1.00 1.50 Price to book ratio Source: Annual reports
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Salz Review - Wall Street Journal

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