Barclays
Barclays plc (/ˈbɑːrkliz/, occasionally /-leɪz/) 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.[4]
This article is about the British banking firm. For items that may be pluralised as "Barclays", see Barclay (disambiguation).Formerly
Barclays Bank plc (1896–1985)[1]
17 November 1690 in the City of London, Kingdom of England
- Nigel Higgins (group chairman)
- C. S. Venkatakrishnan (group chief executive)
£6.557 billion (2023)[2]
£5.323 billion (2023)[2]
£1.477 trillion (2023)[2]
£71.864 billion (2023)[2]
81,000 (2023)[3]
- Barclays UK
- Barclays International
Barclays traces its origins to the goldsmith banking business established in the City of London in 1690.[5] James Barclay became a partner in the business in 1736. 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. 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 in 1919, Mercantile Credit in 1975, the Woolwich in 2000 and the North American operations of Lehman Brothers in 2008.[6]
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.[7] 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.[8][9] Barclays operates in over 40 countries, employs over 80,000 people and is the fifth largest bank in Europe by total assets.[10]
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.[11] Barclays International consists of Barclays Corporate and Investment Bank (formerly known as Barclays Capital) and the Consumer, Cards & Payments business. The investment banking business provides advisory, financing and risk management services to large companies, institutions and government clients. It is a primary dealer in Gilts, U.S. Treasury securities and various European Government bonds.
Barclays Bank D.C.O Act 1957
An Act to make provision respecting the articles or regulations for the government of Barclays Bank D.C.O. to make provision with respect to its general meetings to increase its authorised capital and for other purposes.
5 & 6 Eliz. 2. c. vii
6 June 1957
Barclays Bank Act 1984
An Act to provide for the manner in which Barclays Bank International Limited may alter, revoke or add to its objects; and for other purposes.
1974 c. ix
23 May 1974
Barclays Bank Act 1984
An Act to provide for the reorganisation of the Barclays group of companies by the transfer to Barclays Bank International Limited of the undertaking of Barclays Bank PLC; and for other purposes.
1984 c. x
26 June 1984
- Barclays Bank D.C.O. Act 1957
- Barclays Bank International Act 1974
Controversies[edit]
Accusations of money laundering[edit]
In March 2009, Barclays was accused of violating international anti-money laundering laws. According to the NGO Global Witness, the Paris branch of Barclays held the account of Equatorial Guinean President Teodoro Obiang's son, Teodorin Obiang, even after evidence that Obiang had siphoned oil revenues from government funds emerged in 2004. According to Global Witness, Obiang purchased a Ferrari and maintains a mansion in Malibu with the funds from this account.[129]
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. 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.[130]