The ratings on U.K. bank Barclays Bank PLC reflect Standard&Poor's Ratings Services' opinion of its robust business profile and less strong, but improving, financial profile. We consider that Barclays has a strong and diverse franchise by business line and geography, but with a relatively overweight position in investment banking through its Barclays Capital (BarCap) division. BarCap's performance has been volatile in recent years, reflecting cyclicality in revenues and write-downs. BarCap's share of the group's core pretax earnings before head office costs reached the relatively high levels of 68% in 2010 and 67% in the first quarter of 2011, reflecting both its relative success and the current underperformance of certain other business units, particularly retail and corporate banking activities
