Barclays must be getting miffed with bearish analyst notes. In the same week that Evolution re-iterated a sell call on the UK bank after a meeting with investor relations, UBS analysts have said that Barclays Capital would never have made an economic profit under the Basel III regime.

UBS analysts John-Paul Crutchley and Alastair Ryan calculated a revised economic profit for the investment banking division of Barclays under a Basel III regime by grossing up historic risk weighted assets by 50% and applying a target 10% core tier one ratio to the division.