【出版时间及名称】：2009年12月英国银行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：35
        【目录或简介】：
Table of Contents
Revisiting UK banks post Q3 IMS ...........................................3
Barclays – Upgrade to Neutral – Largely reflects our capital
concerns at this level ...............................................................4
BarCap revenues disappointed.....................................................................................4
We still see a capital deficit of £10bn in 2011E at Barclays........................................7
Valuation and Recommendation on Barclays ............................................................10
Royal Bank of Scotland – Hard decisions ahead – Remain
UW ...........................................................................................14
GBM..........................................................................................................................16
Global Merchant Services..........................................................................................19
UK Retail Banking and UK commercial banking......................................................20
Insurance....................................................................................................................21
US - Citizens..............................................................................................................21
Summary Potential Impact of Asset Disposals – c.15% lower core profitability ......22
Capital and the APS...................................................................................................23
Valuation and Recommendation on RBS ..................................................................25
Valuation Methodology and Risks ........................................27