Bank AI

James

<h2 id="quick-take">Quick Take</h2>
Recent financial reports have highlighted an unsettling trend in the UK’s banking sector, which has reached a six-month low, according to <a href="https://shareprices.com/sectors/banking/" rel="noopener noreferrer nofollow">shareprices.com</a>
<figure id="attachment_368748" aria-describedby="caption-attachment-368748" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368748 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/UK-banking.png" alt="6 month UK Banking Sector: (Source: shareprices.com)" width="752" height="295" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/UK-banking.png 752w, https://cryptoslate.com/wp-content/uploads/2023/10/UK-banking-300x118.png 300w" sizes="(max-width: 752px) 100vw, 752px">
 <figcaption id="caption-attachment-368748" class="wp-caption-text">
 Six-month UK Banking Sector: (Source: shareprices.com)
 </figcaption>
</figure>
Despite reporting better-than-expected <a href="https://www.ft.com/content/fa60fe7a-3ab4-4661-a4ca-800cd22e1537" rel="noopener noreferrer nofollow">Q3 results</a>, according to the Financial Times, Lloyds Bank has seen its share price fall by 8% in the past month, a development attributed to the onset of higher interest rates.
Comparable challenges are faced by Natwest Group, whose share prices plunged by 14% within the month following a cut in margin guidance, according to <a href="https://www.bloomberg.com/news/articles/2023-10-27/natwest-cuts-margin-guidance-on-growing-savings-competition" rel="noopener noreferrer nofollow">Bloomberg</a>. Both Natwest and Lloyds bailed out in 2008 and have struggled to recover their share price since.
<figure id="attachment_368742" aria-describedby="caption-attachment-368742" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368742 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/NW.png" alt="Natwest, Barclays, Lloyds: (Source: Trading View)" width="1410" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/NW.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/10/NW-300x190.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/NW-1024x649.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/NW-768x486.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-368742" class="wp-caption-text">
 Natwest, Barclays, Lloyds: (Source: Trading View)
 </figcaption>
</figure>
Barclays Bank’s share price has similarly taken a hit, dropping 17.5% in the past month after a <a href="https://www.reuters.com/business/finance/barclays-downgraded-by-bofa-restructuring-uncertainty-2023-10-26/" rel="noopener noreferrer nofollow">downgrade by BofA</a> due to restructuring uncertainties, according to Reuters.
St. James Place, one of the UK’s largest financial services, is down by 26% this past month and a significant 44% YTD. The firm recently suspended trading in its <a href="https://www.cityam.com/st-jamess-place-suspends-property-fund-as-investors-pull-cash-and-demand-falls/" rel="noopener noreferrer nofollow">property fund</a>, adding to its woes, according to City AM. Finally, Hargreaves Lansdown, another financial services company, has experienced a decline of 19% YTD and 14% in the past month.
<figure id="attachment_368744" aria-describedby="caption-attachment-368744" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-368744 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/SJP.png" alt="SJP and HL Share Price: (Source: Trading View)" width="1410" height="893" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/SJP.png 1410w, https://cryptoslate.com/wp-content/uploads/2023/10/SJP-300x190.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/SJP-1024x649.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/SJP-768x486.png 768w" sizes="(max-width: 1410px) 100vw, 1410px">
 <figcaption id="caption-attachment-368744" class="wp-caption-text">
 SJP and HL Share Price: (Source: Trading View)
 </figcaption>
</figure>
This broad downturn underscores the current strain on financial service companies in the UK, highlighting the need for stakeholders to remain vigilant in uncertain market conditions.
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/major-uk-banks-troubled-as-stocks-record-double-digit-falls/">Major UK banks troubled as stocks record double digit falls</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Major UK banks troubled as stocks record double digit falls

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