Core subsidiary of the Barclays group. Leading market positions in corporate and investment banking and international consumer, cards, and payments businesses. Strong growth in year-to-date trading revenue due to booming client flows triggered by the COVID-19 pandemic. Significant hit to asset quality from the sharp recession resulting from the pandemic. Uneven performance track record. Concentration in higher risk businesses prone to earnings volatility, including investment banking and consumer finance. S&P Global Ratings' negative outlook on Barclays Bank PLC (BBPLC) mirrors that on parent Barclays PLC (Barclays). It reflects increased downside risks to asset quality and earnings from the economic and market impact of the COVID-19 pandemic. Although we view positively Barclays' significant revenue diversity, robust balance sheet profile, and the
