2012 to be a tough year for UK, but Citi still overweight on banks

In spite of what Citi believes will be another tough year for the UK economy, the US investment bank has reiterated its overweight position on UK banks.

In spite of what Citi believes will be another tough year for the UK economy, the US investment bank has reiterated its overweight position on UK banks.

2012 will be another difficult year, the broker says, with "continued emphasis on balance sheet repair after the surge in private and public debt of recent years...The drag from simultaneous de-leveraging by both public and private sectors is without precedent in recent decades, and has much further to go, in our view."

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