barclays

 

  • • Type: Public limited company; Traded as: LSE: BARC, NYSE: BCS, FTSE 100 Component; ISIN: GB0031348658; Industry: Banking, Financial services; Founded: 17 November 1690;
    332 years ago in the City of London, Kingdom of England; Headquarters: London, England, UK; Key people: Nigel Higgins (Group Chairman), C. S. Venkatakrishnan, (Group Chief Executive); Products: Retail Banking, Commercial Banking, Investment
    Banking, Wholesale Banking, Private Banking, Wealth Management; Revenue: £24.956 billion (2022)[1]; Operating income: £7.012 billion (2022)[1]; Net income: £5.973 billion (2022)[1]; Total assets: £1.514 trillion (2022)[1]; Total equity: £69.260
    billion (2022)[1]; Number of employees: 81,000 (2023)[2]; Divisions: Barclays UK, Barclays International 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.

  • [140] 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.

  • 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 from 1971.

  • [137] 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 1896, twelve banks in London and the English provinces, including Goslings Bank, Backhouse’s Bank and Gurney, Peckover and Company, united as a joint-stock bank under the
    name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank.

  • [62] 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.

  • [87] On 16 September 2008, Barclays announced its agreement to purchase, subject to regulatory approval, the investment-banking and trading divisions of Lehman Brothers (including
    its New York skyscraper) which was a United States financial conglomerate that had filed for bankruptcy.

  • [41] 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: Barclays retained the
    debt-focused Fixed Income business and Structured Capital Markets which formed the foundation of the rebranded Barclays Capital (BarCap).

  • [91][92] 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.

  • [93] Qatar capital raising[edit] 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.

  • The Financial Services Authority 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.

  • [88] 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 office skyscraper, with responsibility for 9,000 former employees), was approved.

  • [86] Lehman Brothers acquisition[edit] The former headquarters of Lehman Brothers in New York City, now owned by Barclays The New York building at night Bob Diamond led the
    effort to purchase the North American business of Lehman Brothers after its bankruptcy in September 2008, securing Barclays a presence in U.S. Equities and Investment Banking.

  • [79] 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, which involved a rights offer
    to existing shareholders and the sale of a stake to Sumitomo Mitsui Banking Corporation.

  • [69] Also in 2007, Barclays agreed to purchase Equifirst Corporation from Regions Financial Corporation for US$225 million.

  • [112] A 2010 report by the Wall Street Journal described how Credit Suisse, Barclays, Lloyds Banking Group, 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.

  • In October 2012, the United States Department of Justice and the US Securities and Exchange Commission 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.

  • [40] Bob Diamond took charge of the investment banking businesses that year.

  • Only 19% of shareholders took up their rights leaving investors China Development Bank and Qatar Investment Authority with increased holdings in the bank.

  • [134][135][136] Barclays announced in June 2015 that it would sell its US wealth and investment management business to Stifel for an undisclosed fee.

  • [138] 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.

  • [34] 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 government.

  • [81] 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).

  • [70] 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.

  • [52] A Barclays branch in Stratford-upon-Avon, United Kingdom 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.

  • [139] Recent history[edit] In October 2012, Barclays announced it had agreed to buy the ING Direct UK business of the ING Group.

  • [80] Reuters reported in October 2008 that the British government would inject £40 billion (US$69 billion) into three banks including Barclays, which might seek over £7 billion.

  • [9] 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.

  • [30] 1980 to 2000[edit] Barclays Bank International expanded its business in 1980 to include commercial credit and took over American Credit Corporation, renaming it Barclays
    American Corporation.

  • Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, the
    Woolwich in 2000 and the North American operations of Lehman Brothers in 2008.

  • [16] In 1896, twelve houses in London and the English provinces, notably Goslings and Sharpe, Backhouse’s Bank of Darlington[17] and Gurney’s Bank of Norwich (the latter two
    of which also had their roots in Quaker families), united to form Barclays and Co., a joint-stock bank, which at its formation held around one quarter of deposits in English private banks.

  • [82][83] 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 to ensure it would remain independent.

  • [75] Barclays also bought a controlling stake in the Russian retail bank Expobank for US$745 million.

  • [116][117] Separately, another Barclays whistleblower 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.

  • [6] 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.

  • Lehman’s attorney Harvey R. Miller of Weil, Gotshal & Manges, 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.

  • [53] On 31 October 2001, Barclays and CIBC agreed to combine their Caribbean operations to establish a joint venture company known as FirstCaribbean International Bank (FCIB).

  • [102] Barclays had sought to raise capital privately, avoiding direct equity investment from the Government of the United Kingdom and, therefore, a bailout.

  • 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 (see Banknotes of the pound sterling).

  • [59] Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$469 million in cash from Wachovia Corp.[60] That year also saw the acquisition of the financial
    website CompareTheLoan[61] 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.

  • [142] 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.

  • [24] A plaque in Enfield, United Kingdom commemorating the installation of the world’s first cash machine by Barclays in 1967 In 1965, Barclays established a US affiliate,
    Barclays Bank of California, in San Francisco.

  • 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.

  • [94] In March 2009, it was reported that in 2008, Barclays received billions of dollars from its insurance arrangements with AIG, including US$8.5 billion from funds provided
    by the United States to bail out AIG.

  • [144] Controversies Gold price manipulation[edit] In May 2014, the Financial Conduct Authority 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 during the period 2004–2013, and for manipulation of the gold price on 28 June 2012.

  • [10] Barclays International consists of Barclays Corporate and Investment Bank (formerly known as Barclays Capital) and the Consumer, Cards & Payments business.

  • [18] 1900 to 1945[edit] The Barclays Bank branch in Sutton, southern Greater London, which was originally a branch of London and Provincial prior to acquisition by Barclays
    Between 1905 and 1916, Barclays extended its branch network by making acquisitions of small English banks.

  • [127] Barclays subsequently announced that Antony Jenkins, its existing chief executive of Global Retail & Business Banking would become group chief executive on 30 August
    2012.

  • “[123] The UK’s Financial Services Authority (FSA), which levied a fine of £59.5 million ($92.7 million), gave Barclays the biggest fine it had ever imposed in its history.

  • [120] 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.

  • [36][37] 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 for US$125 million
    in cash.

  • [113] Tax avoidance[edit] Further information: Tax avoidance In March 2009, Barclays obtained an injunction against The Guardian 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 companies,
    US partnerships and Luxembourg subsidiaries”.

  • [77] Barclays sought to raise capital privately, avoiding direct equity investment from the UK government, which was offered to boost its capital ratio.

  • [104] 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, former CEO
    John Varley and three former colleagues, Roger Jenkins, Thomas Kalaris and Richard Boath, were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in connection with capital raising.

  • 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 2005.

  • [107] In February 2018, the Serious Fraud Office charged Barclays with “unlawful financial assistance” related to billions of pounds raised from the Qatar deal.

  • [141] 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.

  • [132] Standard Life sold Standard Life Bank to Barclays in October 2009.

  • [97] Qatar Holding sold a 3.5% stake worth £10 billion in October 2009,[98] and a further sale of warrants worth around £750 million in November 2012, but remains one of the
    bank’s largest shareholders.

  • [76] Later in the year Barclays commenced its Pakistan operations with initial funding of US$100 million.

  • [103] 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.

  • [44] In an unusual move as part of the trend at the time for free ISPs, Barclays launched an internet service in 1999 called Barclays.net.

  • “[73] 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.

  • 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.

  • With the sale, Caixabank acquired around 550,000 new retail and private banking clients and 2,400 employees.

  • [64][65] However, on 5 October 2007 Barclays announced that it had abandoned its bid,[66] citing inadequate support by ABN shareholders.

  • [20] 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.

  • [131] Disposals[edit] The former headquarters of Barclays Global Investors in San Francisco, United States.

 

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Photo credit: https://www.flickr.com/photos/winnie_pix/12562723334/’]