BARCLAYS CEO WARNS ON BONDS, PUSHES BACK ON UK TAX HIKE

Venkatakrishnan addressed three key issues affecting the banking sector in a Bloomberg interview. On bonds, the CEO highlighted ongoing market stress affecting fixed-income assets globally. He pointed to structural challenges in the bond market that require attention from regulators and policymakers. Regarding artificial intelligence, Barclays is actively deploying AI across operations. The bank views the technology as integral to improving efficiency and customer service. Most directly, Venkatakrishnan called on the UK government to reconsider plans for bank tax increases. He argued that higher levies would undermine competitiveness and could reduce lending capacity during uncertain economic conditions. Barclays joins other major UK lenders in pushback against potential tax rises. The government faces pressure to balance revenue needs against concerns that additional bank taxes may constrain credit availability.