Shares of Barclays (BCS) are headed higher after reports that the bank has passed a stress test in the UK and won’t need more capital.
The bank has sworn every which way that it’s profitable and won’t need more cash, but the market has never fully bought it — just like it’s never fully bought it from any of the banks. But Barclays, in particular, was always seen as a nationalization case, and one of the reasons London has been called Reykjavik-on-the-Thames. If the banks there aren’t quite the basket cases they seem, that’ll be a relief to the UK economy.
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