Barclays shares have fallen more than 7% this morning after a sell note from Panmure that cut its target price from 55p to 40p.
The bank was also reported to be facing questions from US liquidators about $3.3bn it received when it acquired part of the collapsed bank Lehman Brothers.
Shares in the bank – which unlike Royal Bank of Scotland and Lloyds Banking Group has avoided falling into any state ownership – fell as low as 80p this morning.
Panmure's Sandy Chen forecasts impairment charges of around £13bn this year and next year, more than management guidance of £7bn-8bn.
"We expect this will push Barclays into major losses in both 2009 and 2010; if Barclays decide not to participate in the government APS [asset protection scheme], we see additional capital/dilution risk as well," he said in a note today.
Other bank shares traded lower too.
HSBC slipped nearly 3% to 389.5p, RBS slid 1.3% to 22.4p and Lloyds dropped 1% to 47.2p.
The Asia-focused Standard Chartered was in positive territory, however, up 1.2% to 733.5p.
