Barclays Global Financial Services Conference Day 1 Feedback

Research evidence excerpt

Equity Research

15 September 2026

Barclays Global Financial Services Conference

Day 1 Feedback

In this note, Flora Bocahut shares her key highlights from Day

1 of our flagship Barclays Global Financial Services

Conference. We also include key takeaways from our

European and US analysts.

European Insurance

NEUTRAL

European Diversified Financials

POSITIVE

European Banks

POSITIVE

 Listen

European Banks

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Key takeaways:

European Banks (Flora Bocahut)

In total over the three days, we’re hosting around 220 companies, with over 1000 investors

attending. On the European side, we’re happy to host 30 major banks, 14 Diversified Financials

and 12 insurance companies.

1. European banks that presented today remain strikingly constructive on the macro

backdrop, with little evidence of credit stress: A common message across various

presentations was that management teams continue to see supportive domestic operating

environments despite geopolitical and fiscal uncertainty. Collectively, the tone reinforces

the idea that the macro cycle remains favourable for European banks and that concerns

around a sharp asset-quality deterioration continue to be pushed further out.

2. While NII remains important and rate sensitivity continues to be discussed in a context of

rising rates, discussions increasingly focused on structural growth opportunities rather than

simply higher rates. Within non-NII growth, wealth management and fee businesses are

emerging as one of the most important structural growth themes, with banks highlighting

their willingness to have more revenue diversification and stronger collaboration across

retail, wealth, insurance and commercial banking.

3. AI is moving from a defensive technology investment to a core growth and efficiency lever. AI

was one of the strongest themes identified in our pre-conference guide, and management

feedback broadly reinforced that view. Credit Agricole highlighted its €500m CASA AI

investment, Lloyds positioned AI at the centre of its Accelerate 2030 strategy, while AIB and

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