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Barclays () is a British multinational
universal bank A universal bank participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance.London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces its origins to the
goldsmith A goldsmith is a Metalworking, metalworker who specializes in working with gold and other precious metals. Nowadays they mainly specialize in jewelry-making but historically, goldsmiths have also made cutlery, silverware, platter (dishware), pl ...
banking business established in the
City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London fr ...
in 1690. James Barclay became a partner in the business in 1736. In 1896, twelve banks in London and the English provinces, including
Goslings Bank Goslings Bank was a historical English private bank, located since at least 1743 at No. 19 Fleet Street, London, and identified to customers by a hanging signboard depicting three squirrels. History The bank originated in the business of Henry ...
,
Backhouse's Bank Backhouse's Bank of Darlington (James & Jonathan Backhouse and Co., from 1798 Jonathan Backhouse and Co.) was founded in 1774 by James Backhouse (1720-1798), a wealthy Quaker flax dresser and linen manufacturer, and his sons Jonathan (1747-1826) and ...
and Gurney, Peckover and Company, united as a
joint-stock A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world's first cash dispenser. Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918,
British Linen Bank The British Linen Bank was a commercial bank based in the United Kingdom. It was acquired by the Bank of Scotland in 1969 and served as the establishment's merchant bank arm from 1977 until 1999. History Foundation The Edinburgh-based British ...
in 1919, Mercantile Credit in 1975,
the Woolwich The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was founded in Woolwich in 1847 and remained a local institution until after WWI when it began a modest regional expansion. This accelerated after WWII and ...
in 2000 and the North American operations of
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
in 2008. Barclays has a primary listing on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
and is a constituent of the
FTSE 100 Index The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" , is a share index of the 100 companies listed on the London Stock Exchange with (in principle) the highest market ...
. It has a secondary listing on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
. It is considered a
systemically important bank A systemically important financial institution (SIFI) is a bank, insurance company, or other financial institution whose failure might trigger a financial crisis. They are colloquially referred to as "too big to fail". As the financial crisis o ...
by the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum ...
. According to a 2011 paper, Barclays was the most powerful
transnational corporation A transnational corporation is an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country. It sets up factories in developing countries as land ...
in terms of ownership and thus corporate control over global financial stability and
market competition In economics, competition is a scenario where different Economic agent, economic firmsThis article follows the general economic convention of referring to all actors as firms; examples in include individuals and brands or divisions within the sa ...
, with
Axa Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services. The Ax ...
and
State Street Corporation State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Un ...
taking the 2nd and 3rd positions, respectively. Barclays operates in over 40 countries, employs over 80,000 people and is the fifth largest bank in Europe by total assets. Barclays is Europe's largest funder of fossil fuel companies. Barclays UK comprises the British retail banking operations, consumer credit card business, wealth management business, and corporate banking for small, medium and large-sized businesses in the UK. Barclays International consists of Barclays Corporate and Investment Bank (formerly known as Barclays Capital) and the Consumer, Cards & Payments business. The
investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...
business provides advisory, financing and risk management services to large companies, institutions and government clients. It is a
primary dealer A primary dealer is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a market maker of government securities. The government may regulate the behaviour and number of ...
in
Gilts Gilt-edged securities are bonds issued by the UK Government. The term is of British origin, and then referred to the debt securities issued by the Bank of England on behalf of His Majesty's Treasury, whose paper certificates had a gilt (or gilde ...
, U.S. Treasury securities and various European
Government bond A government bond or sovereign bond is a form of bond issued by a government to support public spending. It generally includes a commitment to pay periodic interest, called coupon payments'','' and to repay the face value on the maturity date ...
s.


Name

The name of the bank has never been spelled with an apostrophe (Barclay's), it being first registered in 1896 as 'Barclay and Company, Limited', which was changed to 'Barclays Bank Limited' in 1917, and to 'Barclays Bank PLC' in 1982.


History


1690 to 1900

Barclays traces its origins back to 17 November 1690, when
John Freame John Freame (1669–1745) was an English goldsmith and banker. In 1690 he co-founded Freame & Gould, which later became Barclays Bank. Early life John, son of Robert Freame, was born in 1669 in Cirencester, England, and baptised on 11 November ...
, a
Quaker Quakers are people who belong to a historically Protestant Christian set of Christian denomination, denominations known formally as the Religious Society of Friends. Members of these movements ("theFriends") are generally united by a belie ...
, and Thomas Gould, started trading as
goldsmith banker A goldsmith banker was a business role that emerged in seventeenth century London from the London goldsmiths where they gradually expanded their services to include storage of wealth, providing loans, transferring money and providing bills of exch ...
s in
Lombard Street, London Lombard Street () is a street notable for its connections with the City of London's merchant, banking and insurance industries, stretching back to medieval times. From Bank junction, where nine streets converge by the Bank of England, Lombard ...
. The name "Barclays" became associated with the business in 1736, when Freame's son-in-law James Barclay became a partner. In 1728, the bank moved to 54 Lombard Street, identified by the 'Sign of the Black Spread
Eagle Eagle is the common name for many large birds of prey of the family Accipitridae. Eagles belong to several groups of genera, some of which are closely related. Most of the 68 species of eagle are from Eurasia and Africa. Outside this area, just ...
', which in subsequent years would become a core part of the bank's visual identity. The Barclay family were connected with slavery, both as proponents and opponents. David and Alexander Barclay were engaged in the slave trade in 1756.
David Barclay of Youngsbury David Barclay of Youngsbury (1729–1809), also known as David Barclay of Walthamstow or David Barclay of Walthamstow and Youngsbury, was an English Quaker merchant, banker, and philanthropist. He is notable for an experiment in "gratuitous ma ...
(1729–1809), on the other hand, was a noted
abolitionist Abolitionism, or the abolitionist movement, is the movement to end slavery. In Western Europe and the Americas, abolitionism was a historic movement that sought to end the Atlantic slave trade and liberate the enslaved people. The British ...
, and
Verene Shepherd Verene Albertha Shepherd (née Lazarus; born 1951) is a Jamaican academic who is a professor of social history at the University of the West Indies in Mona, Jamaica, Mona. She is the director of the university's Institute for Gender and Developm ...
, the Jamaican historian of
diaspora studies Diaspora studies is an academic field established in the late 20th century to study dispersed ethnic populations, which are often termed diaspora peoples. The usage of the term diaspora carries the connotation of forced resettlement, due to expu ...
, singles out the case of how he chose to free his slaves in that colony. In 1776, the firm was styled "Barclay, Bevan and Bening" and remained so until 1785, when another partner, John Tritton, who had married a Barclay, was admitted, and the business then became "Barclay, Bevan, Bening and Tritton". In 1896, twelve houses in London and the English provinces, notably Goslings and Sharpe,
Backhouse's Bank Backhouse's Bank of Darlington (James & Jonathan Backhouse and Co., from 1798 Jonathan Backhouse and Co.) was founded in 1774 by James Backhouse (1720-1798), a wealthy Quaker flax dresser and linen manufacturer, and his sons Jonathan (1747-1826) and ...
of
Darlington Darlington is a market town in the Borough of Darlington, County Durham, England. The River Skerne flows through the town; it is a tributary of the River Tees. The Tees itself flows south of the town. In the 19th century, Darlington underwen ...
and
Gurney's Bank Gurney's bank was a family-run bank founded by members of the Gurney family in 1770 and headquartered in Norwich, England. It merged into Barclays Bank in 1896. History The bank was founded in 1770 by John and Henry Gurney, sons of John Gurney ( ...
of
Norwich Norwich () is a cathedral city and district of Norfolk, England, of which it is the county town. Norwich is by the River Wensum, about north-east of London, north of Ipswich and east of Peterborough. As the seat of the See of Norwich, with ...
(the latter two of which also had their roots in Quaker families), united to form Barclays and Co., a
joint-stock A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are ...
bank, which at its formation held around one quarter of deposits in English private banks.


1900 to 1945

Between 1905 and 1916, Barclays extended its branch network by making acquisitions of small English banks. Further expansion followed in 1918 when Barclays amalgamated with the
London, Provincial and South Western Bank The London and Provincial Bank, originally known as the Provincial Banking Corporation, was established in 1864. It took over Day, Nicholson and Stone in 1864, and the Bank of Wales in 1865. It was reorganised in 1870 and became the London and P ...
, and in 1919, when the
British Linen Bank The British Linen Bank was a commercial bank based in the United Kingdom. It was acquired by the Bank of Scotland in 1969 and served as the establishment's merchant bank arm from 1977 until 1999. History Foundation The Edinburgh-based British ...
was acquired by Barclays, although the British Linen Bank retained a separate board of directors and continued to issue its own banknotes (see
Banknotes of the pound sterling Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pound sterling, pounds sterling (symbol: Pound sign, £; ISO 4217 currency code: GBP; traditional abbreviation: Stg.). Sterli ...
). In 1925, the Colonial Bank,
National Bank of South Africa First National Bank (FNB; af, Eerste Nasionale Bank (ENB)) is one of South Africa's " big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under th ...
and the
Anglo-Egyptian Bank The Anglo-Egyptian Bank was a British overseas bank established in 1864. History The founding banks were Agra and Masterman's Bank, La Compagnie Financière Maurice de Cattauï and the General Credit and Finance Co., and the bank incorporated P ...
were amalgamated and Barclays operated its overseas operations under the name Barclays Bank (Dominion, Colonial and Overseas)—Barclays DCO. In 1938, Barclays acquired the first Indian exchange bank, the Central Exchange Bank of India, which had opened in London in 1936 with the sponsorship of
Central Bank of India Central Bank of India (CBI) is an Indian public sector bank based in Mumbai. Despite its name, it is not the central bank of India; The Indian central bank is the Reserve Bank of India. History The Central Bank of India was established on ...
. In 1941, during the German
occupation of France The Military Administration in France (german: Militärverwaltung in Frankreich; french: Occupation de la France par l'Allemagne) was an interim occupation authority established by Nazi Germany during World War II to administer the occupied zo ...
, a branch of Barclays in Paris, headed by Marcel Cheradame, worked directly with the invading force. Senior officials at the bank volunteered the names of Jewish employees, as well as ceding an estimated one hundred Jewish bank accounts to the German occupiers. The Paris branch used its funds to increase the operational power of a large quarry that helped produce steel for the Germans. There was no evidence of contact between the head office in London and the branch in Paris during the occupation. Marcel Cheradame was kept as the branch manager until he retired in the sixties.


1946 to 1980

In May 1958, Barclays was the first UK bank to appoint a female bank manager.
Hilda Harding Hilda Millicent Harding (10 September 1915 – 9 May 1998) was appointed by Barclays Bank as Britain’s first female bank manager. She was the great-aunt of British children’s author Robin Bennett. Career Progression Harding joined the High W ...
managed Barclays' Hanover Square branch in London until her retirement in 1970. In 1965, Barclays established a US affiliate, Barclays Bank of California, in
San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
. Barclays launched the first credit card in the UK,
Barclaycard Barclaycard (; stylized as barclaycard) is a brand for credit cards of Barclays PLC. , Barclays had over ten million customers in the United Kingdom. History Barclays launched Barclaycard on 29 June 1966, initially as a charge card, but followin ...
, in 1966. On 27 June 1967, Barclays deployed the world's first
cash machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fund ...
, in
Enfield Enfield may refer to: Places Australia * Enfield, New South Wales * Enfield, South Australia ** Electoral district of Enfield, a state electoral district in South Australia, corresponding to the suburb ** Enfield High School (South Australia) ...
. The British actor
Reg Varney Reginald Alfred Varney (11 July 1916 – 16 November 2008) was an English actor, entertainer and comedian. He is best remembered for having played the lead role of bus driver Stan Butler in the LWT sitcom ''On the Buses'' (1969–73) and its thr ...
was the first person to use the machine. In 1969, a planned merger with
Martins Bank Martins Bank was a London private bank, trading for much of its time under the symbol of “The Grasshopper”, that could trace its origins back to the London goldsmiths. Martins agreed to its acquisition by the Bank of Liverpool in 1918. The Ba ...
and
Lloyds Bank Lloyds Bank plc is a British retail banking, retail and commercial bank with branches across England and Wales. It has traditionally been considered one of the "Big Four (banking), Big Four" clearing house (finance), clearing banks. Lloyds B ...
was blocked by the
Monopolies and Mergers Commission The Competition Commission was a non-departmental public body responsible for investigating mergers, markets and other enquiries related to regulated industries under UK competition law, competition law in the United Kingdom. It was a competiti ...
, but the acquisition of
Martins Bank Martins Bank was a London private bank, trading for much of its time under the symbol of “The Grasshopper”, that could trace its origins back to the London goldsmiths. Martins agreed to its acquisition by the Bank of Liverpool in 1918. The Ba ...
on its own was later permitted. Also that year, the
British Linen Bank The British Linen Bank was a commercial bank based in the United Kingdom. It was acquired by the Bank of Scotland in 1969 and served as the establishment's merchant bank arm from 1977 until 1999. History Foundation The Edinburgh-based British ...
subsidiary was sold to the
Bank of Scotland The Bank of Scotland plc (Scottish Gaelic: ''Banca na h-Alba'') is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group, following the Bank of Scotland's implosion in 2008. The bank was established by th ...
in exchange for a 25% stake, a transaction that became effective from 1971. Barclays DCO changed its name to Barclays Bank International in 1971. From 1972 until 1980, a minority stake in Banca Barclays Castellini SpA,
Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...
was owned by the Castellini family. In 1980, Barclays Bank International acquired the remaining stake in Barclays Castellini from the Castellini family. In August 1975, following the secondary banking crash, Barclays acquired Mercantile Credit Company.


1980 to 2000

Barclays Bank International expanded its business in 1980 to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation. During 1985 Barclays Bank and Barclays Bank International merged,MJ Larson, G Schnyder, G Westerhaus, J Wilson (2013)
p.53
in (Andrea Colli, Abe De Jong, Martin Jes Iversen editors
Mapping European Corporations: Strategy, Structure, Ownership and Performance
published by
Routledge Routledge () is a British multinational publisher. It was founded in 1836 by George Routledge, and specialises in providing academic books, journals and online resources in the fields of the humanities, behavioural science, education, law, and ...
, 13 September 2013 , - accessed 14 February 2020
and as part of the corporate reorganisation the former Barclays Bank plc became a group holding company, renamed Barclays Group Plc, and UK
retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
was integrated under the former BBI, and renamed ''Barclays Bank PLC'' from ''Barclays Bank Limited''. In response to the
Big Bang The Big Bang event is a physical theory that describes how the universe expanded from an initial state of high density and temperature. Various cosmological models of the Big Bang explain the evolution of the observable universe from the ...
on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
, in 1986 Barclays bought UK
stockbroker A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...
de Zoete & Bevan and jobbing firm Wedd Durlacher (formerly Wedd Jefferson). They were merged with Barclays Merchant Bank to form Barclays de Zoete Wedd (BZW). Also that year Barclays sold its South African business operating under the Barclays National Bank name after protests against Barclays' involvement in South Africa and its
apartheid Apartheid (, especially South African English: , ; , "aparthood") was a system of institutionalised racial segregation that existed in South Africa and South West Africa (now Namibia) from 1948 to the early 1990s. Apartheid was ...
government. Barclays introduced the ''Connect'' card in June 1987, the first
debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...
in the United Kingdom. In 1988, Barclays sold Barclays Bank of California, which at that time was the 17th-largest bank in California measured by assets, to
Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
for US$125 million in cash.
Edgar Pearce Edgar Eugene Pearce (born 1937–38) is a British extortionist and bomber who was convicted of the Mardi Gra bombings, a three-year blackmail and terror campaign in the London area between December 1994 and April 1998. Early life Pearce grew up ...
, the "Mardi Gra Bomber", began a terror campaign against the bank and the supermarket chain
Sainsbury's J Sainsbury plc, trading as Sainsbury's, is the second largest chain of supermarkets in the United Kingdom, with a 14.6% share of UK supermarket sales. Founded in 1869 by John James Sainsbury with a shop in Drury Lane, London, the company wa ...
in 1994. Barclays bought Wells Fargo Nikko Investment Advisors (WFNIA) in 1996 and merged it with BZW Investment Management to form
Barclays Global Investors BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with trill ...
. Bob Diamond took charge of the investment banking businesses that year. Two years later, in 1998, the BZW business was broken up and the Equity and Corporate Finance Divisions were sold to
Credit Suisse First Boston Credit Suisse First Boston (also known as CSFB and CS First Boston) is the investment banking affiliate of Credit Suisse headquartered in New York. The company was created by the merger of First Boston, First Boston Corporation and Credit Suisse, ...
: Barclays retained the debt-focused Fixed Income business and Structured Capital Markets which formed the foundation of the rebranded Barclays Capital (BarCap). Barclays Capital had offices in over 29 countries and employed over 20,000 people, with over 7,000 people working in its IT division. In 1998, Barclays Bank agreed to pay $3.6m to Jews whose assets were seized from French branches of the British-based bank during World War II. Barclays, along with seven French banks, was named in a lawsuit filed in New York on behalf of Jews who were unable to reclaim money they deposited during the Nazi era. In an unusual move as part of the trend at the time for
free ISP An Internet service provider (ISP) is an organization that provides services for accessing, using, or participating in the Internet. ISPs can be organized in various forms, such as commercial, community-owned, non-profit, or otherwise privat ...
s, Barclays launched an internet service in 1999 called Barclays.net. This entity was acquired by
British Telecom BT Group plc (trade name, trading as BT and formerly British Telecom) is a British Multinational corporation, multinational telecommunications holding company headquartered in London, England. It has operations in around 180 countries and is th ...
in 2001. In the 1990s, Barclays helped to fund President
Robert Mugabe Robert Gabriel Mugabe (; ; 21 February 1924 – 6 September 2019) was a Zimbabwean revolutionary and politician who served as Prime Minister of Zimbabwe from 1980 to 1987 and then as President from 1987 to 2017. He served as Leader of the ...
's government in
Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and Mozam ...
. The most controversial of a set of loans provided by Barclays was the £30 million it gave to help sustain land reforms that saw Mugabe seize white-owned farmland and drive more than 100,000 black workers from their homes. Opponents have called the bank's involvement a 'disgrace' and an 'insult' to the millions who have suffered human rights abuses. A Barclays spokesman said the bank has had customers in Zimbabwe for decades and abandoning them now would make matters worse, "We are committed to continuing to provide a service to those customers in what is clearly a difficult operating environment". Barclays also provided two of Mugabe's associates with bank accounts, ignoring European Union sanctions on Zimbabwe. The men are Elliot Manyika and minister of public service Nicholas Goche. Barclays has defended its position by insisting that the EU rules do not apply to its 67%-owned Zimbabwean subsidiary because it was incorporated outside the EU. In August 2000, Barclays took over the recently de-mutualised Woolwich PLC, formerly
the Woolwich The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was founded in Woolwich in 1847 and remained a local institution until after WWI when it began a modest regional expansion. This accelerated after WWII and ...
Building Society, in a £5.4 billion acquisition. Woolwich thus joined the Barclays group of companies, and the Woolwich name was retained after the acquisition. The company's head office remained in
Bexleyheath Bexleyheath is a town in south-east London, England. It had a population of 31,929 as at 2011. Bexleyheath is located south-east of Charing Cross, and forms part of the London Borough of Bexley. It is identified in the London Plan as one of ...
, south-east
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, from the original head office in
Woolwich Woolwich () is a district in southeast London, England, within the Royal Borough of Greenwich. The district's location on the River Thames led to its status as an important naval, military and industrial area; a role that was maintained throu ...
. Barclays closed 171 branches in the UK in 2001, many of them in rural communities: Barclays called itself "The Big Bank" but this name was quickly given a low profile after a series of embarrassing PR stunts. On 31 October 2001, Barclays and
CIBC The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. T ...
agreed to combine their
Caribbean The Caribbean (, ) ( es, El Caribe; french: la Caraïbe; ht, Karayib; nl, De Caraïben) is a region of the Americas that consists of the Caribbean Sea, its islands (some surrounded by the Caribbean Sea and some bordering both the Caribbean Se ...
operations to establish a joint venture company known as
FirstCaribbean International Bank CIBC FirstCaribbean International Bank (FCIB) is a financial services company based in Barbados and the Caribbean subsidiary of the Canadian Imperial Bank of Commerce (CIBC). The bank was founded in 2002 as FirstCaribbean International Bank th ...
(FCIB). In 2003, Barclays bought the American credit card company Juniper Bank from
CIBC The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. T ...
, re-branding it as "Barclays Bank Delaware". The same year saw the acquisition of Banco Zaragozano, the 11th-largest Spanish bank. Barclays took over sponsorship of the
Premier League The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
from
Barclaycard Barclaycard (; stylized as barclaycard) is a brand for credit cards of Barclays PLC. , Barclays had over ten million customers in the United Kingdom. History Barclays launched Barclaycard on 29 June 1966, initially as a charge card, but followin ...
in 2004. In May 2005, Barclays moved its group headquarters from Lombard Street in the
City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London fr ...
to
One Churchill Place One Churchill Place is a 156 m tall skyscraper with 32 floors, serving as the headquarters of Barclays Bank. It is in the Docklands area of London Borough of Tower Hamlets in Canary Wharf. The building is the 13th-tallest office block in ...
in
Canary Wharf Canary Wharf is an area of London, England, located near the Isle of Dogs in the London Borough of Tower Hamlets. Canary Wharf is defined by the Greater London Authority as being part of London's central business district, alongside Central Lo ...
. Also in 2005 Barclays sealed a £2.6bn takeover of
Absa Group Limited Absa Group Limited (ABGL; formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and invest ...
, South Africa's largest retail bank, acquiring a 54% stake on 27 July 2005. Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$469 million in cash from
Wachovia Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asse ...
Corp. That year also saw the acquisition of the financial website CompareTheLoan and Barclays announcing plans to rebrand Woolwich branches as Barclays, migrating Woolwich customers onto Barclays accounts and migrating back-office processes onto Barclays systems—the Woolwich brand was to be used for Barclays mortgages. Barclays also exited retail-banking operations in the Caribbean-region which extended as far back as 1837 through selling of its joint venture stake in FirstCaribbean International Bank (FCIB) to CIBC for between $989 million and $1.08 billion.


Abandoned merger with ABN AMRO

In March 2007, Barclays announced plans to merge with
ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organizat ...
, the largest bank in the Netherlands. However, on 5 October 2007 Barclays announced that it had abandoned its bid, citing inadequate support by ABN shareholders. Fewer than 80% of shares had been tendered to Barclays' cash-and-shares offer. This left the consortium led by
Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...
free to proceed with its counter-bid for ABN AMRO. To help finance its bid for ABN AMRO, Barclays sold a 3.1% stake to
China Development Bank The China Development Bank (CDB) () is a development bank in the People's Republic of China (PRC), led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. As one of three policy banks in China, it ...
and a 3% stake to
Temasek Holdings Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...
, the investment arm of the Singaporean government. Also in 2007, Barclays agreed to purchase Equifirst Corporation from
Regions Financial Corporation Regions Financial Corporation is a bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidia ...
for US$225 million. That year also saw Barclays Personal Investment Management announcing the closure of their operation in Peterborough and its re-siting to Glasgow, laying off nearly 900 members of staff.


Financing

On 30 August 2007, Barclays was forced to borrow £1.6 billion (US$3.2 billion) from the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
sterling standby facility. This is made available as a last-resort when banks are unable to settle their debts to other banks at the end of daily trading. Despite rumours about liquidity at Barclays, the loan was necessary due to a technical problem with their computerised settlement network. A Barclays spokesman was quoted as saying "There are no liquidity issues in the U.K markets. Barclays itself is flush with liquidity." On 9 November 2007, Barclays shares dropped 9% and were even temporarily suspended for a short period of time, due to rumours of a £4.8 billion (US$10 billion) exposure to bad debts in the US. However, a Barclays spokesman denied the rumours. In February 2008, Barclays bought the credit card brand Goldfish for US$70 million gaining 1.7 million customers, and US$3.9 billion in receivables. Barclays also bought a controlling stake in the Russian retail bank Expobank for US$745 million. Later in the year Barclays commenced its
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
operations with initial funding of US$100 million. Barclays sought to raise capital privately, avoiding direct equity investment from the UK government, which was offered to boost its capital ratio. Barclays believed that "maintaining its independence from government was in the best interests of its shareholders". In July 2008, Barclays attempted to raise £4.5 billion through a non-traditional rights issue to shore up its weakened
Tier 1 capital ratio Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view.By definition of Bank for International Settlements. It is composed of ''core capital'', which consists primarily of common stock and disclosed res ...
, which involved a rights offer to existing shareholders and the sale of a stake to
Sumitomo Mitsui Banking Corporation is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and ser ...
. Only 19% of shareholders took up their rights leaving investors
China Development Bank The China Development Bank (CDB) () is a development bank in the People's Republic of China (PRC), led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. As one of three policy banks in China, it ...
and
Qatar Investment Authority The Qatar Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...
with increased holdings in the bank.
Reuters Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world. The agency was estab ...
reported in October 2008 that the
British government ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_es ...
would inject £40 billion (US$69 billion) into three banks including Barclays, which might seek over £7 billion. Barclays later confirmed that it rejected the Government's offer and would instead raise £6.5 billion of new capital (£2 billion by cancellation of dividend and £4.5 billion from private investors). Barclays launched a further round of capital raising, approved by special resolution on 24 November 2008, as part of its overall plan to achieve higher capital targets set by the UK's
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
to ensure it would remain independent. Barclays raised £7 billion from investors from Abu Dhabi and Qatar. Existing Barclays shareholders complained they were not offered full pre-emption rights in this round of capital raising, even threatening to revolt at the extraordinary meeting. Sheikh Mansour and Qatar Holding agreed to open up £500 million of their new holdings of reserve capital instruments for
clawback The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the monies having been received as the result of a financial crim ...
. Existing investors now took this up.


Lehman Brothers acquisition

Bob Diamond led the effort to purchase the North American business of
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
after its bankruptcy in September 2008, securing Barclays a presence in U.S. Equities and Investment Banking. On 16 September 2008, Barclays announced its agreement to purchase, subject to regulatory approval, the investment-banking and trading divisions of
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
(including its New York skyscraper) which was a United States financial conglomerate that had filed for bankruptcy. On 20 September 2008, a revised version of the deal, a US$1.35 billion (£700 million) plan for Barclays to acquire the core business of Lehman Brothers (mainly Lehman's US$960 million
Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
office skyscraper, with responsibility for 9,000 former employees), was approved. After a seven-hour hearing, New York
bankruptcy court United States bankruptcy courts are courts created under Article I of the United States Constitution. The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. United States bankruptcy c ...
Judge James Peck ruled: Luc Despins, the creditors committee counsel, said: "The reason we're not objecting is really based on the lack of a viable alternative. We did not support the transaction because there had not been enough time to properly review it." In the amended agreement, Barclays would absorb US$47.4 billion in securities and assume US$45.5 billion in trading liabilities. Lehman's attorney
Harvey R. Miller Harvey Robert Miller (March 1, 1933 – April 27, 2015) was an American lawyer. The ''New York Times'' called him "the most prominent bankruptcy lawyer in the nation." Born in New York City, Miller graduated from Brooklyn College (A.B., 1954) an ...
of
Weil, Gotshal & Manges Weil, Gotshal & Manges LLP is an American international law firm with approximately 1,100 attorneys, headquartered in New York City. With a gross annual revenue in excess of $1.8 billion, it is among the world's largest law firms according to ' ...
, said "the purchase price for the real estate components of the deal would be US$1.29 billion, including US$960 million for Lehman's New York headquarters and US$330 million for two New Jersey data centres. Lehman's original estimate valued its headquarters at US$1.02 billion but an appraisal from CB Richard Ellis this week valued it at US$900 million." Further, Barclays will not acquire Lehman's Eagle Energy unit, but will have entities known as Lehman Brothers Canada Inc, Lehman Brothers Sudamerica, Lehman Brothers Uruguay and its Private Investment Management business for high-net-worth individuals. Finally, Lehman will retain US$20 billion of securities assets in Lehman Brothers Inc that are not being transferred to Barclays. Barclays had a potential liability of US$2.5 billion to be paid as
severance Severance may refer to: Arts and entertainment * ''Severance'' (film), a 2006 British horror film * ''Severance'' (novel), a 2018 novel by Ling Ma *''Severance'', a 2006 short-story collection by Robert Olen Butler * ''Severance'' (TV series), a ...
, if it chooses not to retain some Lehman employees beyond the guaranteed 90 days. In September 2014, Barclays was ordered to pay $15 million in settlement charges that alleged the bank had failed to maintain an adequate internal compliance system after its acquisition of Lehman Brothers during the 2008 financial crisis.


Qatar capital raising

In January 2009, the press reported that further capital may be required and that while the government might be willing to fund this, it may be unable to do so because the previous capital investment from the Qatari state was subject to a proviso that no third party might put in further money without the Qataris receiving compensation at the value the shares had commanded in October 2008. In March 2009, it was reported that in 2008, Barclays received billions of dollars from its insurance arrangements with
AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
, including US$8.5 billion from funds provided by the United States to bail out AIG. Barclays' share price fell 54% in June 2009 after the International Petroleum Investment Company (IPIC), which had invested up to £4.75 billion in November 2008, sold 1.3 billion Barclays shares.
Qatar Holding The Qatar Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...
sold a 3.5% stake worth £10 billion in October 2009, and a further sale of warrants worth around £750 million in November 2012, but remains one of the bank's largest shareholders. In July 2012, Barclays revealed that the FSA was investigating whether the bank adequately disclosed fees paid to
Qatar Investment Authority The Qatar Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...
. In August 2012, the Serious Fraud Office announced an investigation into the Middle East capital raising. The
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
announced an expansion of the investigation into the Barclays-Qatar deal in January 2013, focusing on the disclosure surrounding the ownership of the securities in the bank. Barclays' June and November 2008 capital raisings are the subject of investigations. The UK's Serious Fraud Office commenced its investigation in August 2012. In October 2012, the
United States Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...
and the
US Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
informed Barclays they had commenced an investigation into whether the group's relationships with third parties who assist Barclays to win or retain business are compliant with the US
Foreign Corrupt Practices Act The Foreign Corrupt Practices Act of 1977 (FCPA) (, ''et seq.'') is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. The FCPA is applicable world ...
. Barclays had sought to raise capital privately, avoiding direct equity investment from the
Government of the United Kingdom ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal coat of arms of t ...
and, therefore, a bailout. The result was Abu Dhabi's £3.5 billion investment in the bank, a deal in which
Sheikh Mansour bin Zayed Al Nahyan Mansour bin Zayed bin Sultan Al Nahyan ( ar, منصور بن زايد بن سلطان آل نهيان; born 21 November 1970), often referred to as Sheikh Mansour, is an Emirati politician who is the deputy prime minister of the United Arab ...
made a profit of £3.5 billion. Much of the focus to date has been on the injections by Qatar in June and November 2008, notably the so far unproven allegation that Barclays lent Qatar the money to invest in the bank. Other questions include what happened to the £110 million in fees paid by Barclays ostensibly to Sheikh Mansour, and the £66 million provided by Barclays to the Qataris for unexplained "advisory fees". In June 2017, following a five-year investigation by the UK's Serious Fraud Office covering Barclays' activities during the
financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...
, former CEO
John Varley John Varley may refer to: * John Varley (canal engineer) (1740–1809), English canal engineer * John Varley (painter) (1778–1842), English painter and astrologer * John Varley (author) (born 1947), American science fiction author * John Silvest ...
and three former colleagues, Roger Jenkins,
Thomas Kalaris Thomas Llewellyn Kalaris (born November 1955) is a British banker, the former chief executive of Barclays wealth and investment management. Early life Kalaris has a bachelor's degree from Dickinson College in Carlisle, Pennsylvania, and an MBA fr ...
and Richard Boath, were charged with conspiracy to commit fraud and the provision of
unlawful financial assistance Financial assistance in law refers to assistance given by a company for the purchase of its own shares or the shares of its holding companies. In many jurisdictions such assistance is prohibited or restricted by law. For example, all EU member s ...
in connection with capital raising. The executives were cleared in February 2020. In February 2018, the Serious Fraud Office charged Barclays with "unlawful financial assistance" related to billions of pounds raised from the Qatar deal. On 8 June 2020, Barclays was also accused of deceit by a British businesswoman
Amanda Staveley Amanda Louise Staveley (born 11 April 1973) is a British business executive. She is notable chiefly for her connections with Middle Eastern investors. She helped a Saudi consortium take over Newcastle United in a deal completed in October 2021 ...
's firm PCP Capital. The company sued the bank in a £1.5 billion lawsuit, claiming that it had "deliberately misled" the market over the terms of its capital raising deal with Qatar. PCP alleged that
Qatar Holdings The Qatar Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...
was offered a "completely different" deal than that offered to
Mansour bin Zayed Al Nahyan Mansour bin Zayed bin Sultan Al Nahyan ( ar, منصور بن زايد بن سلطان آل نهيان; born 21 November 1970), often referred to as Sheikh Mansour, is an Emirati politician who is the deputy prime minister of the United Arab ...
of
Abu Dhabi Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area. ...
, who according to Amanda Staveley was introduced to Barclays by PCP. However, during the hearing in the High Court of
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, the Barclays lawyer, Jeffery Onions accused Staveley of "significantly exaggerating" her business relationship with the Abu Dhabi sheikh and of creating a "hustle" by getting involved in a crucial capital raising. Staveley and PCP Capital subsequently reduced the amount of their claim but lost the case in the High Court.


Accusations of money laundering

In March 2009, Barclays was accused of violating international anti-
money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...
laws. According to the NGO
Global Witness Global Witness is an international NGO established in 1993 that works to break the links between natural resource exploitation, conflict, poverty, corruption, and human rights abuses worldwide. The organisation has offices in London and Washingt ...
, the Paris branch of Barclays held the account of Equatorial Guinean President
Teodoro Obiang Teodoro Obiang Nguema Mbasogo (; born 5 June 1942) is an Equatoguinean politician and former military officer who has served as the second president of Equatorial Guinea since August 1979. He is the longest-serving president of any country ev ...
's son,
Teodorin Obiang Teodoro Nguema Obiang Mangue (born 25 June 1968, nicknamed Teodorín) is the Vice President of Equatorial Guinea, in office since 2016. He is a son of Teodoro Obiang, the authoritarian leader of Equatorial Guinea, by his first wife, Constancia M ...
, even after evidence that Obiang had siphoned oil revenues from government funds emerged in 2004. According to Global Witness, Obiang purchased a
Ferrari Ferrari S.p.A. (; ) is an Italian luxury sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari (1898–1988) in 1939 from the Alfa Romeo racing division as ''Auto Avio Costruzioni'', the company built its first car in ...
and maintains a mansion in Malibu with the funds from this account. A 2010 report by the Wall Street Journal described how
Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...
, Barclays,
Lloyds Banking Group Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...
, and other banks were involved in helping the Alavi Foundation, Bank Melli, the Iranian government, and/or others circumvent US laws banning financial transactions with certain states. They did this by 'stripping' information out of wire transfers, thereby concealing the source of funds. Barclays settled with the government for US$298 million.


Tax avoidance

In March 2009, Barclays obtained an injunction against ''
The Guardian ''The Guardian'' is a British daily newspaper. It was founded in 1821 as ''The Manchester Guardian'', and changed its name in 1959. Along with its sister papers ''The Observer'' and ''The Guardian Weekly'', ''The Guardian'' is part of the Gu ...
'' requiring it to remove from its website confidential leaked documents describing how SCM, Barclays' structured capital markets division, planned to use more than £11 billion of loans to create hundreds of millions of pounds of tax benefits, via "an elaborate circuit of
Cayman Islands The Cayman Islands () is a self-governing British Overseas Territory—the largest by population in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the ...
companies, US partnerships and
Luxembourg Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
subsidiaries". In an editorial on the issue, ''The Guardian'' pointed out that, due to the mismatch of resources, tax-collectors (
HMRC , patch = , patchcaption = , logo = HM Revenue & Customs.svg , logocaption = , badge = , badgecaption = , flag = , flagcaption = , image_size = , co ...
) now have to rely on websites such as
WikiLeaks WikiLeaks () is an international Nonprofit organization, non-profit organisation that published news leaks and classified media provided by anonymous Source (journalism), sources. Julian Assange, an Australian Internet activism, Internet acti ...
to obtain such documents, and indeed the documents in question have now appeared on WikiLeaks. Separately, another Barclays
whistleblower A whistleblower (also written as whistle-blower or whistle blower) is a person, often an employee, who reveals information about activity within a private or public organization that is deemed illegal, immoral, illicit, unsafe or fraudulent. Whi ...
revealed several days later that the SCM transactions had produced between £900 million and £1 billion in tax avoidance in one year, adding that "The deals start with tax and then commercial purpose is added to them." In February 2012, Barclays was ordered by the Treasury to pay £500 million in tax which it had tried to avoid. Barclays was accused by
HMRC , patch = , patchcaption = , logo = HM Revenue & Customs.svg , logocaption = , badge = , badgecaption = , flag = , flagcaption = , image_size = , co ...
of designing two schemes that were intended to avoid substantial amounts of tax. Tax rules had required the bank to tell the UK authorities about its plans.
David Gauke David Michael Gauke (; born 8 October 1971) is a British political commentator, solicitor and former politician who was the Member of Parliament (MP) for South West Hertfordshire from 2005 to 2019. He served in the Cabinet under Theresa May, mo ...
,
Exchequer Secretary to the Treasury The Exchequer Secretary to the Treasury is a junior ministerial post in HM Treasury, His Majesty's Treasury, ranked below the First Lord of the Treasury, the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the Paymaster General ...
, said that "We do not take today's action lightly, but the potential tax loss from this scheme and the history of previous abuse in this area mean that this is a circumstance where the decision to change the law with full retrospective effect is justified."


Rate-fixing scandal

In June 2012, as a result of an international investigation, Barclays Bank was fined a total of £290 million (US$450 million) for manipulating the daily settings of London Interbank Offered Rate (
Libor The London Inter-Bank Offered Rate is an interest-rate average calculated from estimates submitted by the leading banks in London. Each bank estimates what it would be charged were it to borrow from other banks. The resulting average rate is u ...
) and the Euro Interbank Offered Rate (
Euribor The Euro Interbank Offered Rate (Euribor) is a daily reference rate, published by the European Money Markets Institute, based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro whole ...
). The United States Department of Justice and Barclays officially agreed that "the manipulation of the submissions affected the fixed rates on some occasions". The bank was found to have made 'inappropriate submissions' of rates which formed part of the Libor and Euribor setting processes, sometimes to make a profit, and other times to make the bank look more secure during the financial crisis. This happened between 2005 and 2009, as often as daily. The
BBC #REDIRECT BBC #REDIRECT BBC Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
said revelations concerning the fraud were "greeted with almost universal astonishment in the banking industry." The UK's
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
(FSA), which levied a fine of £59.5 million ($92.7 million), gave Barclays the biggest fine it had ever imposed in its history. The FSA's director of enforcement described Barclays' behaviour as "completely unacceptable", adding "Libor is an incredibly important benchmark reference rate, and it is relied on for many, many hundreds of thousands of contracts all over the world." The bank's chief executive Bob Diamond decided to give up his bonus as a result of the fine.
Liberal Democrat Several political party, political parties from around the world have been called the Liberal Democratic Party or Liberal Democrats. These parties usually follow a liberal democracy, liberal democratic ideology. Active parties Former parties ...
politician
Lord Oakeshott Matthew Alan Oakeshott, Baron Oakeshott of Seagrove Bay (born 10 January 1947), is a British Investment management, investment manager and member of the House of Lords, formerly sitting in Parliament of the United Kingdom, Parliament as a Liberal ...
criticised Diamond, saying: "If he had any shame he would go. If the Barclays board has any backbone, they'll sack him." The US Department of Justice has also been involved, with "other financial institutions and individuals" under investigation. On 2 July 2012, Marcus Agius resigned from the chairman position following the interest rate rigging scandal. On 3 July 2012, Bob Diamond resigned with immediate effect, leaving Marcus Agius to fill his post until a replacement is found. Within the space of a few hours, this was followed by the resignation of the Bank's chief operating officer, Jerry del Missier. Barclays subsequently announced that Antony Jenkins, its existing chief executive of Global Retail & Business Banking would become group chief executive on 30 August 2012. On 17 February 2014 the Serious Fraud Office charged three former bank employees with manipulating Libor rates between June 2005 and August 2007. Four employees were jailed in July 2016 for up to six-and-a-half years, with two others cleared after a retrial.


US electricity market manipulation

In July 2013, US energy regulator the
Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency that regulates the transmission and wholesale sale of electricity and natural gas in interstate commerce and regulates the transportation of oil by pipeline in ...
(FERC) ordered Barclays to pay £299 million fine penalty for attempting to manipulate the
electricity market In a broad sense, an electricity market is a system that facilitates the exchange of electricity-related goods and services. During more than a century of evolution of the electric power industry, the economics of the electricity markets had un ...
in the US. The fine by FERC relates to allegations in December 2008.


Gold price manipulation

In May 2014, the
Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
fined the bank £26 million over systems and controls failures, and conflict of interest in relation to the bank and its customers in connection to the
gold fixing The London Gold Fixing (or Gold Fix) is the setting of the price of gold that takes place via a dedicated conference line. It was formerly held on the London premises of Nathan Mayer Rothschild & Sons by the members of The London Gold Market Fixi ...
during the period 2004–2013, and for manipulation of the gold price on 28 June 2012.


US lawsuit alleging dark pool fraud

In June 2014, the US state of New York filed a lawsuit against the bank alleging it defrauded and deceived investors with inaccurate marketing material about its unregulated trading system known as a ''
dark pool In finance, a dark pool (also black pool) is a private forum (alternative trading system or ATS) for trading securities, derivatives, and other financial instruments.Tradebot Tradebot Systems, Inc. is one of the larger high-frequency equity trading firms in the US. Based in Kansas City, Missouri, they regularly account for 5% of the total trading volume in the US stock market. According to the founder, Dave Cummings, ...
participated in the dark pool when they were in fact one of the largest players. The state, in its complaint, said it was being assisted by former Barclays executives and it was seeking unspecified damages. The bank's shares dropped 5% on news of the lawsuit, prompting an announcement to the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
by the bank saying it was taking the allegations seriously, and was co-operating with the
New York attorney general The attorney general of New York is the chief legal officer of the U.S. state of New York and head of the Department of Law of the state government. The office has been in existence in some form since 1626, under the Dutch colonial government of ...
. A month later the bank filed a motion for the suit to be dismissed, saying there had been no fraud, no victims and no harm to anyone. The New York Attorney General's office issued a statement saying the attorney general was confident the motion would fail. On 31 January 2016, Barclays settled with both the New York Attorney General's office and the SEC, agreeing to pay $70 million split evenly between the SEC and New York state, admitting it violated securities laws and agreeing to install an independent monitor for the dark pool.


Climate change

In 2017, Barclays faced protests by environmentalists because of its ownership of Third Energy which planned to extract natural gas using
hydraulic fracturing Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "frack ...
(fracking) at
Kirby Misperton Kirby Misperton is a small village and civil parish in the Ryedale district of North Yorkshire, England and has a population of around 370. Geography It is about south from Pickering by road and about north from Malton, just west of the A1 ...
in Yorkshire. Barclays later sold Third Energy in 2020 to Alpha Energy. Between 2016 and 2021, Barclays along with HSBC, Santander, NatWest and Lloyds funnelled $368 billion into the fossil fuel industry. The Big 5 UK high street banks provided $15.7 billion in finance to the Top 50 oil and gas expanders in 2021. In 2020, the campaign group
ShareAction ShareAction is a registered charity that promotes Responsible Investment. ShareAction aims to improve corporate behaviour on environmental, social and governance issues. The charity has launched numerous campaigns, building capacity among sav ...
filed a resolution at Barclays AGM because of its role as Europe's largest funder of fossil fuel companies. Barclays invested $85 billion in fossil fuel extraction and $24 billion in expansion.


Exchange-rate rigging (last-look system)

Barclays agreed to pay $150 million to resolve an investigation by New York's banking regulator into a trading practice that allowed the bank to exploit a milliseconds-long lag between an order and its execution that sometimes hurt its clients, the latest fallout from the bank's foreign-exchange business. In certain instances, Barclays used this last-look system to automatically reject client orders that would be unprofitable for the bank because of subsequent price swings during milliseconds-long latency ("hold") periods. Furthermore, when clients questioned Barclays about these rejected trades, Barclays failed to disclose the reason that the trades were being rejected, instead citing technical issues or providing vague responses.


Unsuitable mutual fund transactions

According to the
Financial Industry Regulatory Authority The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associati ...
, Barclays' inadequate supervisory procedures failed to stop many customers from swapping one mutual fund for another when the benefits of switching might be undermined by the transaction costs, resulting in $8.63 million of losses for their customers between January 2010 and June 2015. Additionally, from March to August 2014, Barclays processed 1,723 fund transactions that were inconsistent with its customers' goals, risk tolerance or other investments which caused an additional $818,000 of customer harm. As a result, Barclays was required to pay $10 million in restitution, including interest, to affected customers and was fined $3.75 million, but did not admit or deny wrongdoing.


Staff monitoring

In February 2020, it was reported that, in a pilot programme at its London headquarters, the company used tracking software to assess how long employees spent at their desks and warn them if they took excessive breaks. Staff who spent too much time away could find this mentioned on their daily report cards. Following criticisms by staff, the bank said it had taken steps to ensure that individual data would no longer be visible to managers, although the company still holds this data.” The bank faced similar privacy concerns in 2017 when it used OccupEye sensors to track staff through black boxes in their desks.


Disposals

On 12 June 2009, Barclays sold its Global Investors unit, which included its exchange-traded fund business,
iShares iShares is a collection of exchange-traded funds (ETFs) managed by BlackRock, which acquired the brand and business from Barclays in 2009. The first iShares ETFs were known as World Equity Benchmark Shares (WEBS) but have since been rebranded ...
, to
BlackRock BlackRock, Inc. is an American Multinational corporation, multi-national investment company based in New York City. Founded in 1988, initially as a Enterprise risk management, risk management and fixed income institutional asset manager, BlackR ...
for US$13.5 billion. Standard Life sold Standard Life Bank to Barclays in October 2009. The sale was completed on 1 January 2010. Barclays sold its Retail Banking unit in Spain to
CaixaBank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, aft ...
in 2014. With the sale, Caixabank acquired around 550,000 new retail and private banking clients and 2,400 employees. Barclays announced in June 2015 that it would sell its US wealth and investment management business to
Stifel Stifel Financial Corp. is an American multinational independent investment bank and financial services company created under its present name in July 1983 and listed on the New York Stock Exchange on November 24, 1986. Its predecessor company wa ...
for an undisclosed fee. The bank announced in May 2017 that it would sell £1.5 billion worth of shares of its
Barclays Africa Group Absa Group Limited (ABGL; formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and invest ...
subsidiary as part of its strategy to refocus its business from Africa to the UK and US. In September 2017, Barclays sold off the last part of its retail banking segment on continental Europe after selling its French retail, wealth and investment management operations to AnaCap.


Recent history

In October 2012, Barclays announced it had agreed to buy the ING Direct UK business of the
ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...
. The transfer of the business to Barclays was approved at the High Court on 20 February 2013 and ING Direct was renamed Barclays Direct and would be integrated into the existing Barclays business within two years. To ward off the effects of
Brexit Brexit (; a portmanteau of "British exit") was the withdrawal of the United Kingdom (UK) from the European Union (EU) at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 CET).The UK also left the European Atomic Energy Community (EAEC or ...
, Barclays borrowed £6 billion from the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
between April and June 2017, as part of a post-referendum stimulus package launched in August 2016. In August 2021, Barclays announced a $400 million capital infusion into its business in India, which was the single largest capital infusion into its Indian business in three decades. On 31 October 2021, in a surprise move, group CEO Jes Staley agreed to step down amid investigation of his ties to the sex offender
Jeffrey Epstein Jeffrey Edward Epstein ( ; January 20, 1953August 10, 2019) was an American sex offender and financier. Epstein, who was born and raised in Brooklyn, New York City, began his professional life by teaching at the Dalton School in Manhattan, des ...
. He was replaced as group CEO by the Indian-born American banker
C. S. Venkatakrishnan Coimbatore Sundararajan Venkatakrishnan, also known as Venkat, is an American banker. He replaced Jes Staley as the group chief executive (CEO) of the British multinational bank Barclays in November 2021. __NOTOC__ Early life and education Ve ...
, who became the first person of Indian origin to lead Barclays.


Operations

Barclays operates as two divisions, Barclays UK (BUK) and Barclays International (BI), supported by a service company, Barclays Execution Services (BX). * Barclays UK consists of UK Personal Banking, UK Business Banking and Barclaycard Consumer UK businesses, carried on by a UK ring-fenced bank (Barclays Bank UK PLC) and certain other entities within the Group. * Barclays International consists of the 'Corporate and Investment Bank' and 'Consumer, Cards and Payments' businesses, which are carried on by a nonring- fenced bank (Barclays Bank PLC) and its subsidiaries, as well as by certain other entities within the Group. * Barclays Execution Services is the Group-wide service company providing technology, operations and functional services to businesses across the Group.


Principal divisions and subsidiaries

Barclays' principal divisions and subsidiaries include: *
Barclaycard Barclaycard (; stylized as barclaycard) is a brand for credit cards of Barclays PLC. , Barclays had over ten million customers in the United Kingdom. History Barclays launched Barclaycard on 29 June 1966, initially as a charge card, but followin ...
– global credit card business * Barclays Bank LLC (Russia) * Barclays Bank plc – UK corporate bank * Barclays Bank UK plc – UK retail bank * Barclays Bank Delaware (formerly Barclaycard US, originally Juniper Bank, acquired 2003) * Barclays Corporate * Barclays Croatia * Barclays Execution Services * Barclays France * Barclays India * Barclays Indonesia * Barclays Investment Bank * Barclays Private Clients International – subsidiary based in the
Isle of Man ) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europe ...
with branches in the
Channel Islands The Channel Islands ( nrf, Îles d'la Manche; french: îles Anglo-Normandes or ''îles de la Manche'') are an archipelago in the English Channel, off the French coast of Normandy. They include two Crown Dependencies: the Bailiwick of Jersey, ...
* Barclays Morocco * Barclays Mauritius * Barclays National Bank: former vice chairman,
Julian Ogilvie Thompson Julian Ogilvie Thompson (born 1934 in Cape Town, South Africa) is a South African businessman and former chairman of De Beers and the Anglo American mining company. Early life Julian Ogilvie Thompson was born in 1934 in Cape Town, South Africa ...
. * Barclays Pakistan * Barclays Partner Finance * Barclays Portugal (162 branches) * Barclays Rise (fintech accelerator with locations in New York, London, Manchester, Vilnius(sold), Cape Town, Tel Aviv and Mumbai) * Barclays Shared Services Chennai (India) * Barclays Shared Services Noida (India) * Barclays Technologies Centre China (closed) * Barclays Technologies Centre India * Barclays Technologies Centre Singapore (closed) * Barclays Technologies Centre Lithuania (closed) *
Barclays Wealth Barclays Wealth Management serves affluent and high net worth clients through offices across the UK, offering personalised banking, credit, investment management and wealth planning services. Reported client assets were £202.8 billion (as ...
– provides stockbroking and offshore and
private banking Private banking is banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs)—defined as those with very high levels of income or sizable assets. A bank that ...
* Firstplus Financial Group plc


Branches and ATMs

Barclays has over 4,750 branches in about 55 countries and of which about 1,600 are in the United Kingdom. In the UK, Barclays also offers some personal banking services through branches of the
Post Office A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional serv ...
. Most Barclays branches have 24/7 ATMs. Barclays customers and the customers of many other banks can use Barclays ATMs for free in the UK, although in some other countries fees are charged. Barclays is a member of the
Global ATM Alliance The Global ATM Alliance is a joint venture of several major international banks that allows customers of their banks to use their automated teller machine (ATM) card or debit card at another bank within the alliance with no international ATM access ...
, an alliance of international banks which allows each banks' customers to use their ATM or
debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...
at all other member banks with no ATM access fees when travelling internationally.


Senior management

* ''Chairman:'' Nigel Higgins (since May 2019) * ''Chief Executive:''
C. S. Venkatakrishnan Coimbatore Sundararajan Venkatakrishnan, also known as Venkat, is an American banker. He replaced Jes Staley as the group chief executive (CEO) of the British multinational bank Barclays in November 2021. __NOTOC__ Early life and education Ve ...
(since November 2021)


List of Former Group Chairmen

''The position of Group Chairman was formed in 1896, along with the formation of Barclay and Company Limited.'' #
Francis Bevan Francis (Frank) Augustus Bevan (17 January 184031 August 1919) was a British heir and banker. He served as the chairman of Barclays Bank, a British multi-national financial institution, serving from 1896 to 1916. Early life Francis Augustus Bev ...
(1896–1916) #
Frederick Goodenough Frederick Craufurd Goodenough (28 July 18661 September 1934), was a British banker. He was the chairman of Barclays Bank from 1917 to 1934. Early life Frederick Craufurd Goodenough was born in Calcutta, India in 1866 as Frederick Crawford Gooden ...
(1917–1934) #
William Tuke William Tuke (24 March 1732 – 6 December 1822), an English tradesman, philanthropist and Quaker, earned fame for promoting more humane custody and care for people with mental disorders, using what he called gentler methods that came to be k ...
(1934–1936) # Edwin Fisher (1937–1946) # Sir William Goodenough (1947–1951) #
Anthony Tuke Sir Anthony Favill Tuke (22 August 1920 – 6 March 2001) was chairman of Barclays Bank from 1973 to 1981 and Rio Tinto Zinc until 1985. Anthony Tuke was the son of A. W. "Iron" Tuke, chairman of Barclays from 1951 to 1962, and the grandson of ...
(1951–1962) # John Thomson (1962–1973) # Sir Anthony Tuke (1973–1981) # Sir Timothy Bevan (1981–1987) #
John Quinton Flight Lieutenant John Alan Quinton, GC, DFC (2 February 1921 – 13 August 1951) was a British navigator and pilot who was posthumously awarded the George Cross for an act of outstanding bravery where he unselfishly saved a young air cadet w ...
(1987–1992) # Andrew Buxton (1993–1999) # Sir Peter Middleton (1999–2004) # Matthew Barrett (2004–2007) #
Marcus Agius Marcus Ambrose Paul Agius (; born 22 July 1946) is a British financier and former group chairman of Barclays. Early life and education Marcus Agius was born on 22 July 1946, the son of Ena Eleanora (née Hueffer) and Lieutenant Colonel Alfre ...
(2007–2012) #
Sir David Walker Sir David Alan Walker (born 31 December 1939) is a British banker and former chairman of Barclays. He was chairman of Morgan Stanley International from 1995 to 2001, and 2004 to 2005, and remains a senior advisor. Walker was previously Assista ...
(2012–2015) #
John McFarlane John McFarlane OBE (born 14 June 1947) is a British businessman. He served as Group Chairman of Barclays from 2015 to 2019. Early life He was born in Dumfries and attended Dumfries Academy. He was educated at the University of Edinburgh, Cr ...
(2015–2019)


List of Former Group Chief Executives

''The position of Group Chief Executive was formed in 1992; prior to that, the Chairman was also the de facto Chief Executive.'' # Andrew Buxton (1992–1993) # Martin Taylor (1994–1998) # Sir Peter Middleton (1998–1999) # Michael O'Neill (1999) # Matthew Barrett (1999–2004) #
John Varley John Varley may refer to: * John Varley (canal engineer) (1740–1809), English canal engineer * John Varley (painter) (1778–1842), English painter and astrologer * John Varley (author) (born 1947), American science fiction author * John Silvest ...
(2004–2010) # Bob Diamond (2011–2012) #
Antony Jenkins Antony Peter Jenkins (born 11 July 1961) is a British business executive. Since 2016 he has been the chief executive officer of 10x Future Technologies, which he founded. He was the group chief executive of Barclays from 30 August 2012 until h ...
(2012–2015) #
Jes Staley James Edward "Jes" Staley (born December 27, 1956) is an American banker, and the former group chief executive (CEO) of Barclays. He stood down as CEO on November 1, 2021, and was succeeded by C. S. Venkatakrishnan. Staley has nearly four decades ...
(2015–2021)


Sponsorships

In 2007, Barclays agreed a 20-year naming rights agreement for $400 million for the
Barclays Center Barclays Center is a multi-purpose list of indoor arenas, indoor arena in the New York City Boroughs of New York City, borough of Brooklyn. The arena is home to the Brooklyn Nets of the National Basketball Association and the New York Liberty o ...
in Brooklyn, New York City, home of the
Brooklyn Nets The Brooklyn Nets are an American professional basketball team based in the New York City borough of Brooklyn. The Nets compete in the National Basketball Association (NBA) as a member of the Atlantic Division of the Eastern Conference. The t ...
basketball team. Two years later, due to the slump in the economy the deal was renegotiated to $200 million. Barclays sponsored the
2008 Dubai Tennis Championships The 2008 Dubai Tennis Championships, Barclays Dubai Tennis Championship was a tennis tournament played on outdoor hard courts. It was the 16th resp. 8th edition of the Dubai Tennis Championships, and it was part of the ATP International Series Gol ...
. Barclays was the sponsor of the
Barclays Cycle Hire Santander Cycles (formerly Barclays Cycle Hire) is a public bicycle hire scheme in London in the United Kingdom. The scheme's bicycles are popularly known as Boris Bikes, after Boris Johnson who was Mayor of London when the scheme began operati ...
scheme in London from its inception in 2010 to 2015, as part of a £25 million deal with Transport for London. Barclays was a longtime title sponsor of the
Premier League The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
, in a sponsorship that started with the 2003–04 season.


Arms


Bibliography

*


See also

*
List of largest banks The following are lists of the largest banks in the world, as measured by total assets. By total assets The list is based on the April 2022 S&P Global Market Intelligence report of the 100 largest banks in the world. The ranking was based upon a ...
*
Chip Authentication Program 250px, A Gemalto EZIO CAP device with Barclays PINsentry styling The Chip Authentication Program (CAP) is a MasterCard initiative and technical specification for using EMV banking smartcards for authenticating users and transactions in online and ...
(PINsentry) *
European Financial Services Roundtable The European Financial Services Round Table (EFR) brings together chairmen and chief executives of leading European banks and insurance companies. The purpose of the EFR is to contribute to the European public policy debate on issues relating to fi ...
*
List of banks in the United Kingdom Central bank The Bank of England is the central bank of the United Kingdom. The Big Four British banking has been highly consolidated since the early 20th century. Unlike some other major economies, the UK does not have a major stratum of ind ...
* The European Association for Banking and Financial History


Notes


References

* * Raychaudhuri, Tappan, Irfan Habib, & Dharma Kumar, eds. (1983) ''The Cambridge Economic History of India: Volume 2, c.1751-c.1970''. (CUP Archive). * *


External links

* * * * {{Authority control Banks established in 1690 Banks based in the City of London Companies listed on the London Stock Exchange Companies listed on the New York Stock Exchange Companies formerly listed on the Tokyo Stock Exchange Financial services companies based in London Systemically important financial institutions 1690 establishments in England Companies based in the London Borough of Tower Hamlets British brands Clan Barclay Investment banks in the United Kingdom