Barclays

Barclays PLC, through its subsidiaries, provides various financial products and services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia.

Categories

Financial and Banking  

#586

Rank

$31.46B

MarketCap GB

GB United Kingdom

Country

Summary

Barclays is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.

Barclays PLC, through its subsidiaries, provides various financial products and services in the United Kingdom, Europe, the Americas, Africa, the Middle East, and Asia. It offers financial services, such as retail banking, credit cards, wholesale banking, investment banking, wealth management, and investment management services. 

Barclays has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It has a secondary listing on the New York Stock Exchange. It is considered a systemically important bank by the Financial Stability Board. According to a 2011 paper, Barclays was the most powerful transnational corporation in terms of ownership and thus corporate control over global financial stability and market competition, with Axa and State Street Corporation 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.


History

Barclays traces its origins back to 17 November 1690, when John Frame, a Quaker, and Thomas Gould, started trading as goldsmith bankers in Lombard Street, London. 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', which in subsequent years would become a core part of the bank's visual identity. 

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, and in 1919, when the British Linen Bank was acquired by Barclays, although the British Linen Bank retained a separate board of directors and continued to issue its own banknotes. In 1925, the Colonial Bank, National Bank of South Africa and the Anglo-Egyptian Bank were amalgamated and Barclays operated its overseas operations under the name Barclays Bank —Barclays DCO. 

In 1938, Barclays acquired the first Indian exchange bank, the Central Exchange Bank of India, which opened in London in 1936 with the sponsorship of the Central Bank of India. In May 1958, Barclays was the first UK bank to appoint a female bank manager. Hilda Harding 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. Barclays launched the first credit card in the UK, Barclaycard, in 1966. On 27 June 1967, Barclays deployed the world's first cash machine, in Enfield. The British actor Reg Varney was the first person to use the machine. In 1969, a planned merger with Martins Bank and Lloyds Bank was blocked by the Monopolies and Mergers Commission, but the acquisition of Martins Bank on its own was later permitted. Also that year, the British Linen Bank subsidiary was sold to the Bank of Scotland in exchange for a 25% stake, a transaction that became effective in 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 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.

Barclays Bank International expanded its business in 1980 to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation. In 1985 Barclays Bank and Barclays Bank International merged, 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 was integrated under the former BBI and renamed Barclays Bank PLC from Barclays Bank Limited. 

In August 2000, Barclays took over the recently de-mutualised Woolwich PLC, formerly the Woolwich Building Society, in a £5.4 billion acquisition. 

In 2003, Barclays bought the American credit card company Juniper Bank from CIBC, 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 from Barclaycard in 2004. 

In May 2005, Barclays moved its group headquarters from Lombard Street in the City of London to One Churchill Place in Canary Wharf. Also, in 2005 Barclays sealed a £2.6bn takeover of Absa Group Limited, South Africa's largest retail bank, acquiring a 54% stake on 27 July. Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$469 million in cash from Wachovia Corp. 

In March 2007, Barclays announced plans to merge with ABN AMRO, 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 the Royal Bank of Scotland 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 and a 3% stake to Temasek Holdings, the investment arm of the Singaporean government. Also in 2007, Barclays agreed to purchase Equifirst Corporation from Regions Financial Corporation for US$225 million. That year also saw Barclays Personal Investment Management announcing the closure of its operation in Peterborough and its re-siting to Glasgow, laying off nearly 900 members of staff.

On 12 June 2009, Barclays sold its Global Investors unit, which included its exchange-traded fund business, iShares, to BlackRock 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 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 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 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 in continental Europe after selling its French retail, wealth and investment management operations to AnaCap.

In October 2012, Barclays announced it had agreed to buy the ING Direct UK business of the ING Group. 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, Barclays borrowed £6 billion from the Bank of England between April and June 2017, as part of a post-referendum stimulus package launched in August 2016. On 31 October 2021, in a surprise move, group CEO Jes Staley agreed to step down and was replaced as group CEO by the Indian-born American banker C. S. Venkatakrishnan, who became the first person of Indian origin to lead Barclays.


Mission

The mission of Barclays is to help people achieve their ambitions in the right way. The bank aims to provide innovative financial solutions and better customer experiences while upholding the highest standards of integrity and corporate responsibility.

Barclays is committed to being a trusted financial partner for its customers, helping them navigate their financial journey and achieve their goals. Whether it's individuals, businesses, or institutional clients, Barclays strives to deliver tailored products and services that meet their unique needs. The bank focuses on fostering long-term relationships with its customers, built on trust, transparency, and mutual success.


Vision

The vision of Barclays is to become the bank of choice for its customers, clients, and stakeholders. Barclays aims to be recognised as a trusted and respected global financial institution that delivers exceptional value and superior experiences.

Barclays envisions a future where it leverages its expertise, innovation, and global reach to drive positive change and shape the financial landscape. The bank aspires to be at the forefront of industry advancements, continuously adapting and evolving to meet the evolving needs of its customers and clients. With a focus on digital transformation and technological innovation, Barclays seeks to provide accessible, seamless, and personalized financial solutions that empower individuals and businesses to thrive.

Through its vision, Barclays aims to create sustainable growth, generate positive societal impact, and build long-lasting relationships based on trust and integrity. The bank is committed to embracing opportunities, addressing challenges, and driving positive change in the financial industry and the communities it serves.


Key Team

C.S. Venkatakrishnan (Group Chief Executive)

Anna Cross (Group Finance Director)

Paul Compton (Global Head of the Corporate and Investment Bank (CIB), President of Barclays Bank PLC (BBPLC))

Alistair Currie (Group Chief Operating Officer and Chief Executive of Barclays Execution Services (BX))

Matt Fitzwater (Interim Chief Compliance Officer)

Matt Hammerstein (CEO, Barclays UK)

Vim Maru (Global Head of Consumer Banking and Payments )

Tristram Roberts (Group Human Resources Director)

Taalib Shaah (Group Chief Risk Officer)

Stephen Shapiro (Group General Counsel)

Sasha Wiggins (Group Head of Public Policy and Corporate Responsibility)


Recognition and Awards
'World's Best Bank for Markets' in Euromoney's annual global Awards for Excellence 2020. In the field of banking and finance, Barclays has been recognized as the "Best Bank in the UK" by Euromoney Awards for Excellence multiple times. It has also received accolades for its investment banking capabilities, including "Investment Bank of the Year" by The Banker and "Equity House of the Year" by International Financing Review. Barclays' commitment to corporate responsibility and sustainability has been acknowledged through several prestigious awards. It has been recognized as one of the "World's Most Ethical Companies" by Ethisphere for multiple years, highlighting its ethical business practices. Barclays has also been honored for its sustainability efforts, receiving the "Sustainable Bank of the Year" award by The Banker and being included in the Dow Jones Sustainability Index. The bank's commitment to innovation and technology has been acknowledged through various industry awards. Barclays has received recognition for its digital banking services, mobile apps, and online platforms. It has been honored with awards such as "Best Mobile Banking App" and "Best Digital Bank" by Global Finance and "Best Online Banking Initiative" by The Banker. Barclays' dedication to diversity and inclusion has also been acknowledged through prestigious awards. It has been recognized as one of the "Top 50 Employers for Women" by The Times and included in the Bloomberg Gender-Equality Index. Barclays has also received accolades for its efforts in promoting LGBTQ+ inclusion and workplace diversity.

Products and Services

Personal banking: Barclays provides various services such as current accounts, savings accounts, mortgages, loans, credit cards, and insurance products. Customers can choose from a range of account options tailored to their specific requirements, access competitive mortgage rates, and benefit from flexible loan options. Barclays also offers credit cards with various rewards programs and insurance products to provide financial security and peace of mind.

For businesses, Barclays offers a comprehensive suite of banking solutions, including business accounts, business loans, cash management services, payment solutions, merchant services, and international trade support. These services are designed to assist businesses of all sizes, from startups to large enterprises, in managing their finances, accessing capital, optimising cash flow, and facilitating international transactions.

Barclays Investment Banking division provides a range of services to institutional clients, corporations, and governments worldwide. These services include advisory and capital raising, debt and equity financing, risk management solutions, mergers and acquisitions, and strategic financial planning. Barclays leverages its expertise and global network to deliver tailored solutions that help clients achieve their financial goals and navigate complex market environments.

In the wealth management space, Barclays offers personalised investment management services, wealth planning, and financial advisory services. Clients benefit from access to a wide range of investment opportunities, portfolio diversification strategies, retirement planning, and estate planning solutions. Barclays' wealth management services aim to help clients grow and preserve their wealth while aligning their financial plans with their long-term objectives.

For corporate clients, Barclays Corporate Banking provides a comprehensive range of financial services, including corporate lending, trade and working capital solutions, cash management, treasury services, and risk management. These services are tailored to meet the specific needs of corporate clients, supporting their growth, liquidity management, and risk mitigation strategies.


References

 

Barclays
Leadership team

C.S. Venkatakrishnan (Group Chief Executive)

Anna Cross (Group Finance Director)

Paul Compton (Global Head of the Corporate and Investment Bank (CIB), President of Barclays Bank PLC (BBPLC))

Alistair Currie (Group Chief Operating Officer and Chief Executive of Barclays Execution Services (BX))

Matt Fitzwater (Interim Chief Compliance Officer)

Industries

Financial and Banking

Products/ Services
Banking, Finance, Financial Services, FinTech
Number of Employees
Above 50,000
Headquarters
1 Churchill Place, London, ENG E14 5HP
Established
1690
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0000312070
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
BCS
Social Media

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Fri Mar 01 2024
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