Financial Business Update: Barclays’ New CEO’s GOAL, Credit Suisse UPGRADED

The new Barclays PLC (NYSE:BCS) Chief Executive Antony Jenkins has informed the Financial Times that he’s lowering the company’s return-on-equity goal to between 11 and 11.5 percent from the 13 to 15 percent range targeted by his predecessor Bob Diamond. Jenkins’ number one priority is to gain back Barclays’ stained reputation, and to that effort he intends to unveil a “transformational plan” during the first quarter of 2013, which might take 3 to 5 years to implement.

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The new plan for the improvement of capital has earned the Swiss bank Credit Suisse Group AG (NYSE:CS) an upgrade from Sell to Hold at ING. The research firm commented that, “While the plan leads to a substantial increase in shares outstanding, it also reduces uncertainty around Credit Suisse’s share count and improves valuation through a lower deduction for capital shortfalls.”

Brazil’s Banco Bradesco, S.A. (NYSE:BBD) has 18 out of 24 analysts that were surveyed recommending a Buy, which represents the highest rating for any stock on the Bovespa. Most respondents are counting on a re-acceleration of the nation’s struggling economy due to the 500 basis points of central bank rate cuts filtering through. Brazil’s largest lender, Itau Unibanco Holding S.A. (NYSE:ITUB), is similarly valued and rated.

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