Last year’s hopes of a return to normal will largely be absent from this week’s downbeat set of UK lenders’ results
British banks that took 2021’s bumper profits as a sign of better things to come will be bracing themselves for disappointment this week.
With the Covid pandemic waning, 2022 was meant to mark the slow return to normal: a rebound in international travel, economic growth, and interest rates up from record lows. Barclays’s former boss Jes Staley was particularly optimistic last year, saying that “tremendous pent-up demand” would lead to a robust economic recovery that would “carry through into 2022”.
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