It has been a winding road since CEO Charlie Nunn separated out the corporate and institutional banking business in 2021 – but with a 75% revenue increase over three years and significant growth in client onboarding, momentum is gathering.

During the review period, Barclays’ focus in the FX algo space has been on enhancing its client experience by improving overall algo performance and increasing platform flexibility to facilitate targeted algo customization. This client-centric approach resulted in the further broadening and refinement of its BARX Gator algo suite. Added to this, Barclays’ established franchise, adaptability and deep infrastructure interconnectivity contribute to the current reputation and standing in the market of the algo offering. The bank’s global teams, quants, and dedicated resources ensure continuous optimization and deliver top-tier, tailored solutions to its clients.

Over the past year, Barclays has developed its offering for real-money clients, notably through enhancements to the performance of its online FX trading channel BARX, enhancing spot liquidity and boosting algo flexibility. Using client feedback and behaviour analysis, Barclays also broadened and refined its algo suite, which significantly benefits real-money customers. Barclays offers market-leading insights, especially on UK policy and politics, and maintains tight spreads around economic events. Additionally, Barclays led client discussions on T+1 settlement, reinforcing its role as a key thought partner and strengthening client relationships.

Barclays has integrated sustainability across its operations and financing activities, significantly reducing emissions and enhancing its commitment to green investment.

Barclays wins the award as the UK’s best investment bank. Even though some investors had to wait for the bank’s investor day in February 2024 to hear it once again reaffirm its commitment to the investment bank, staff in the UK had no doubt of this.

For HSBC, 2023 was an important year at its UK ring-fenced bank. This delivered its strongest set of results since it was created in 2018, with revenue coming in 36% higher than in 2022. That was in part thanks to higher rates and fat net interest margins, but also to key strategic decisions, such as to make growing market share in mortgages a priority.