Barclays - Wikipedia, The Free Encyclopedia

2/4/2015 Barclays Wikipedia, the free encyclopedia
Barclays
From Wikipedia, the free encyclopedia
Barclays /ˈbɑːkliz/ is a British
multinational banking and financial Barclays PLC
services company headquartered in
London. It is a universal bank with
operations in retail, wholesale and
Type Public limited company
investment banking, as well as wealth
management, mortgage lending and Traded as LSE: BARC
credit cards. It has operations in over (http://www.londonstockexchange.com/exchange/prices
50 countries and territories and has andnews/stocks/pricessearch/stockpricessearch.html?
nameCode=BARC)
around 48 million customers.[2] As of
NYSE: BCS (https://www.nyse.com/quote/XNYS:BCS)
31 December 2011 Barclays had total
assets of US$2.42 trillion, the seventh Industry Banking
Financial services
largest of any bank worldwide.[3]
Founded 1690 (London)
Barclays is organised within these Headquarters One Churchill Place,
business clusters: Corporate and Canary Wharf, London, United Kingdom
Investment Banking, Wealth and
Investment Management; and Retail Area served Worldwide
and Business Banking.[2] The Key people Sir David Walker

(Group Chairman)
Corporate and Investment Banking,
Wealth and Investment Management Antony Jenkins
cluster comprises three business units: (Group Chief Executive)
Corporate banking; Investment Products Retail banking
banking; and Wealth and investment Commercial banking
management.[2] The Retail and Investment banking
Business Banking cluster comprises Investment management
four business units: Africa Retail and Revenue £27.935 billion (2013)[1]
Business Banking (including Absa ($47.889B USD)
Group); Barclaycard (credit card and
Operating £2.868 billion (2013)[1]
loan provision); Europe Retail and income
Business Banking; and UK Retail and ($4.916B USD)
Business Banking.[2] Net income £1.297 billion (2013)[1]
($2.224B USD)
Barclays traces its origins to a
Total assets £1.312 trillion (2013)[1]
goldsmith banking business
established in the City of London in ($2.249T USD)
1690. James Barclay became a partner Total equity £55.385 billion (2013)[1]
in the business in 1736. In 1896 ($94.249B USD)
several banks in London and the Number of 139,600 (2013)[1]
English provinces, including employees
Backhouse's Bank and Gurney's Bank,
Divisions Barclaycard
united as a jointstock bank under the
Barclays Investment Bank
name Barclays and Co. Over the
Barclays Wealth
http://en.wikipedia.org/wiki/Barclays 1/26
following decades Barclays expanded Subsidiaries Absa Group

to become a nationwide bank. In 1967, Barclays Bank PLC
Barclays deployed the world's first Barclays.com (http://www.barclays.com)
Website
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.
Barclays has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It
had a market capitalisation of approximately £22 billion as of 23 December 2011, the 22ndlargest
company of any company with a primary listing on the London Stock Exchange.[4] It has a secondary
listing on the New York Stock Exchange.
Contents
1 History
1.1 1690 to 1900
1.2 1900 to 1945
1.3 1946 to 1980
1.4 1980 to 2000
1.5 21st century
1.5.1 Abandoned merger with ABN AMRO
1.5.2 Financing
1.5.3 Lehman Brothers acquisition
1.5.4 2009 to present
2 Operations
2.1 Principal divisions and subsidiaries
2.2 Branches and ATMs
2.3 Senior management
2.3.1 Executive Committee
2.3.2 Board of Directors
3 Sponsorships
4 Controversies
4.1 Involvement with South Africa under apartheid
4.2 Financial support for the government in Zimbabwe
4.3 Accusations of money laundering
4.4 Senior management bonuses
4.5 Tax avoidance
4.5.1 2012 tax repayment
4.6 Conflicts of interest
4.7 Customer satisfaction
4.8 Ratefixing scandal
4.9 Staff diversity
4.10 Qatari capital raising regulatory investigations
4.11 US electricity market manipulation
4.12 Gold price manipulation
4.13 US lawsuit alleging dark pool fraud
5 Bibliography
6 See also
7 Notes
8 References
9 External links
History
1690 to 1900
Barclays traces its origins back to 1690 when John Freame and Thomas Gould started trading as goldsmith
bankers in Lombard Street, London. The name "Barclays" became associated with the business in 1736,
when James Barclay, the soninlaw of John Freame, one of the founders, became a partner in the
business.[5] 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.[6]
In 1776 the firm was styled "Barclay, Bevan and Bening" and so remained until 1785, when another
partner, John Tritton, who had married a Barclay, was admitted, and the business then became "Barclay,
Bevan, Barclay and Tritton".[7]
In 1896 several banks in London and the English provinces, notably Backhouse's Bank of Darlington and
Gurney's Bank of Norwich, united under the banner of Barclays and Co., a jointstock bank.
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 and in 1919 when the British Linen Bank was acquired by Barclays Bank, although
the British Linen Bank retained a separate board of directors and continued to issue its own bank notes (see
Banknotes of the pound sterling). Then in 1924 the planned takeover of National Bank of Kingston reached
nearcompletion but was halted three days before finalisation.
In 1925 the Colonial Bank, National Bank of South Africa and the AngloEgyptian Bank were
amalgamated and Barclays operated its overseas operations under the name Barclays Bank (Dominion,
Colonial and Overseas) – Barclays DCO.[8] 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.[9]
1946 to 1980
In 1965, Barclays established a US affiliate, Barclays Bank
of California in San Francisco.[10][11]
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.[12][13] The British
actor Reg Varney was the first one to use the machine.[13]
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 The Barclays Bank branch in Sutton, London,
was later permitted. Also that year, the British Linen Bank which was originally a branch of London and
subsidiary was sold to the Bank of Scotland in exchange for a Provincial prior to acquisition by Barclays
25% stake, a transaction that became effective from 1971.
Barclays DCO changed its name to Barclays Bank
International in 1971.[8]
In August 1975, following the secondary banking crash, Barclays
acquired Mercantile Credit Company.[14]
1980 to 2000
In 1980, Barclays Bank International expanded its business to
include commercial credit and took over American Credit
Corporation, renaming it Barclays American Corporation.[15]
Barclays became the first bank to reopen branches on Saturday A plaque in Enfield, United Kingdom
mornings in 1982, twenty years after the practice ended. Two years commemorating the installation of the
later, in 1984, Barclays posted record profits. world's first cash machine by
Barclays in 1967
The following year 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 plc, and UK retail banking was
integrated under the former BBI, and renamed Barclays Bank PLC.[8]
In 1986 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. Also that year
Barclays bought de Zoete & Bevan and Wedd Durlacher (formerly Wedd Jefferson)[16] to form BZW and to
take advantage of the Big Bang on the London Stock Exchange.
Barclays introduced the Connect card in June 1987, the first debit card in the United Kingdom.[17][18] The
Connect brand is still being used on their debit cards today.
In 1988, Barclays sold Barclays Bank of California, which at that time was the 17thlargest bank in
California measured by assets, to Wells Fargo for US$125 million in cash.[19]
Edgar Pearce, the "Mardi Gra Bomber", began a terror campaign against the bank and the supermarket
chain Sainsbury's in 1994.[20]
In 1996, Barclays bought Wells Fargo Nikko Investment Advisors (WFNIA) and merged it with BZW
Investment Management to form Barclays Global Investors.[21]
Two years later, in 1998, the BZW business was broken up and parts were sold to Credit Suisse First
Boston: Barclays retained the debt business which formed the foundation of what is now Barclays
Capital.[22]
In 1999, in an unusual move as part of the trend at the time for free ISPs, Barclays launched an internet
service called Barclays.net: this entity was acquired by British Telecom in 2001.[23]
The year 2000 saw the acquisition of Woolwich plc (formerly the Woolwich Building Society).[24]
21st century
In 2001 Barclays closed 171 branches in the UK, 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.[25]
In 2003, Barclays bought the American credit card company Juniper
Bank from CIBC, rebranding it as "Barclays Bank Delaware".[26]
The same year saw the acquisition of Banco Zaragozano, the 11th
largest Spanish bank.[27]
A Barclays branch in Stratfordupon
Barclays took over sponsorship of the Premier League from Avon, United Kingdom
[28]
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 2005.[29]
Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$469 million in cash from
Wachovia Corp.[30] That year also saw the acquisition of the financial website Comparetheloan[31] and
Barclays announcing plans to rebrand Woolwich branches as Barclays, migrating Woolwich customers onto
Barclays accounts and migrating backoffice processes onto Barclays systems – the Woolwich brand was to
be used for Barclays mortgages.[32]
In January 2007, Barclays announced that it had purchased the naming rights to the Barclays Center, a
proposed 18,000seat arena in Brooklyn, New York, where the New Jersey Nets planned to relocate.[33]
Barclays cancelled its secondary listing on the Tokyo Stock Exchange in 2008.
In April 2013, Barclays announced a new initiative called Digital Eagles. The ideology was to create
infectious staff advocacy and use this opportunity to highlight to customers the benefits of digital solutions
to help make customers live much easier. Barclays Digital Eagles are the creative driving force for
everything digital across the United Kingdom with expansions taking place in South Africa and Europe.
Abandoned merger with ABN AMRO
In March 2007, Barclays announced plans to merge with ABN AMRO, the largest bank in the
Netherlands.[34][35] However, on 5 October 2007 Barclays announced that it had abandoned its bid,[36]
citing inadequate support by ABN shareholders. Fewer than 80% of shares had been tendered to Barclays'
cashandshares offer.[37] This left the consortium led by Royal Bank of Scotland free to proceed with its
US$99.9 cents counterbid 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.[38]
Also in 2007, Barclays agreed to purchase Equifirst Corporation from Regions Financial Corporation for
US$225 million.[39] That year also saw Barclays Personal Investment Management announcing the closure
of their operation in Peterborough and its resiting to Glasgow, laying off nearly 900 members of
staff.[40][41]
Financing
On 30 August 2007, Barclays was forced to borrow £1.6 billion (US$3.2 billion) from the Bank of England
sterling standby facility. This is made available as a lastresort when banks are unable to settle their debts to
other banks at the end of daily trading.[42] 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."[43]
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.[44] Subsequent writedowns at the bank were announced to be
£1 billion (US$1.9 billion), much less than feared.
Barclays sought to raise capital privately, avoiding direct equity investment from the UK government,
which was offered to boost its capital ratio.[45] Barclays believed that "maintaining its independence from
government was in the best interests of its shareholders".[46]
In July 2008, Barclays attempted to raise £4.5 billion through a nontraditional 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. Only 19% of shareholders took up their rights leaving investors
China Development Bank and Qatar Investment Authority with increased holdings in the bank.[47]
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 FSA to ensure it would remain
independent.[48] Barclays raised £7 billion from investors from Abu Dhabi and Qatar.[49][50] Existing
Barclays shareholders complained they were not offered full preemption 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. Existing
investors now took this up.[51]
In 2008, Barclays bought the credit card brand Goldfish for US$70 million gaining 1.7 million customers,
and US$3.9 billion in receivables.[52] Barclays also bought a controlling stake in the Russian retail bank
Expobank for US$745 million.[53] Later in the year Barclays commenced its Pakistan operations with initial
funding of US$100 million.[54]
Lehman Brothers acquisition
On 16 September 2008, Barclays announced its agreement to
purchase, subject to regulatory approval, the investmentbanking
and trading divisions of Lehman Brothers, a United States financial
conglomerate that had filed for bankruptcy.[55] In the deal, Barclays
also acquired the New York headquarters building of Lehman
Brothers.
On 20 September 2008, a revised version of the deal, a
US$1.35 billion (£700 million) plan for Barclays plc 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. After a
sevenhour hearing, New York bankruptcy court Judge James Peck
ruled: "I have to approve this transaction because it is the only
available transaction. Lehman Brothers became a victim, in effect
the only true icon to fall in a tsunami that has befallen the credit
markets. This is the most momentous bankruptcy hearing I've ever The former headquarters of Lehman
sat through. It can never be deemed precedent for future cases. It's Brothers in New York City, now
hard for me to imagine a similar emergency."[56] owned by Barclays
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 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 centers. 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 highnetworth individuals. Finally, Lehman will retain US$20 billion of
securities assets in Lehman Brothers Inc that are not being transferred to Barclays.[57] Barclays had a
potential liability of US$2.5 billion to be paid as severance, if it chooses not to retain some Lehman
employees beyond the guaranteed 90 days.[58][59]
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.[60]
2009 to present
Reuters later reported that the British government would inject
£40 billion (US$69 billion) into three banks including Barclays,
which might seek over £7 billion.[61] 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).[49][62]
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.[63] The former headquarters of Barclays
Qatar Holding sold a 3.5% stake worth £10 billion in October Global Investors in San Francisco,
[64]
2009, and a further sale of warrants worth around £750 million in United States; Barclays sold Barclays
November 2012, but remains one of the bank's largest Global Investors to BlackRock in
shareholders.[65] In July 2012, Barclays revealed that the FSA was 2009.
investigating[65] whether the bank adequately disclosed fees paid to
Qatar Investment Authority. In August 2012, the Serious Fraud Office announced an investigation into the
Middle East capital raising. The Financial Services Authority announced an expansion of the investigation
into the BarclaysQatar deal in January 2013, focusing on the disclosure surrounding the ownership of the
securities in the bank.[66]
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.[67] In March 2009, it was
reported that in 2008, Barclays received billions of dollars from its insurance arrangements with AIG,
including US$8.5bn from funds provided by the United States to bail out AIG.[68][69]
On 12 June 2009, Barclays sold its Global Investors unit, which includes its exchange traded fund business,
iShares, to BlackRock for US$13.5bn.[70] Standard Life sold Standard Life Bank plc to Barclays plc in
October 2009. The sale was completed on 1 January 2010.[71] On 11 November 2009, Barclays and First
Data, a global technology provider of information commerce, have entered into an agreement according to
which Barclays will migrate a range of card portfolios to First Data's issuing and consumer finance
platform.[72] On 13 February 2010, Barclays announced it would pay more than £2 billion in bonuses.[73] In
March 2011 it was reported that Barclays had overtaken Santander UK to claim top spot as the UK's most
complained against bank, with the country's official banking regulator, the Financial Services Authority
having recorded 276,315 new customer complaints against Barclays Bank during the second half of
2010.[74] Barclays nevertheless ranks only third in the UK among the mainstream clearing banks in terms of
the number of its branches. Inline with cut costs, Barclays cut 1,400 jobs during the first half of 2011 and
will cut another 1,600 jobs for the rest of 2011.[75]
In March 2012, the trading names of Barclays Capital, Barclays Wealth and Barclays Corporate were each
changed to simply "Barclays", as part of an effort to simplify the operations of the company and to promote
greater integration between its divisions.[76]
In October 2012, Barclays announced it had agreed to buy the ING Direct UK business of the ING
Group.[77] The transfer of the business to Barclays was approved at the High Court on 20 February 2013
and ING Direct was renamed Barclays Direct.[78] It is due to be integrated into the existing Barclays
business within two years.
In February 2013, Barclays announced a net loss of £1.04 billion for 2012, its first annual loss in two
decades, together with plans to cut 3,700 jobs, reduce annual costs by £1.7 billion, and scale back its retail
banking activities in Europe and Asia.[79]
In May 2014 Barclays announced to cut 19,000 jobs in 3 years with 12,000 jobs cut in 2014. Investment
banking will cut 2,000 jobs in 2014 and up to totally 7,000 jobs in 2016 makes the investment banking
portion shrink from 50 percent in 2014 to 30 percent of Barclay's assets in 2016.[80]
Operations
Barclays' operations are organised within two business 'clusters': Corporate and Investment Banking and
Wealth and Investment Management; and Retail and Business Banking.[2] The Corporate and Investment
Banking and Wealth and Investment Management cluster comprises three business units: Corporate
banking; Investment banking; and Wealth and investment management.[2] The Retail and Business Banking
cluster comprises four business units: Africa Retail and Business Banking; Barclaycard (credit card and
loan provision); Europe Retail and Business Banking; and UK Retail and Business Banking.[2]
Principal divisions and subsidiaries
Barclays' principal divisions and subsidiaries include:
Absa Group Limited (South Africa)
Barclaycard – Global credit card business
Barclays Africa
Barclays Bank plc – UK retail bank
Barclays Bank Delaware (formerly Barclaycard US, originally Juniper Bank, acquired 2003)
Barclays Corporate – Provides banking solutions to organisations with an annual turnover of more
than £5 million, including Deposits and Liquidity, Cash Management and Trade, Financing, Foreign
Exchange, Risk Management and Online Banking.[81] It serves over 8,000 companies across 23
countries.[81]
Barclays Croatia
Barclays Direct (Formerly ING Direct UK)
Barclays France
Barclays India
Barclays Indonesia[82][83]
Barclays Investment Bank
Barclays Private Clients International – subsidiary based in
the Isle of Man with branches in the Channel Islands
Barclays Morocco
Barclays Mauritius
Barclays Pakistan
Barclays Partner Finance
Barclays Portugal (162 branches)[84]
Barclays Russia (17 branches)
Barclays Bank LLC (Russia)
Barclays Shared Services (BSS)chennai(India)
Barclays Technologies Centre China
Barclays Technologies Centre India
Barclays Technologies Centre Singapore
Barclays Technologies Centre Lithuania The headquarters of Absa Group in
Johannesburg, South Africa
Barclays Wealth – Provides stockbroking and offshore and
private banking
Firstplus Financial Group plc
Branches and ATMs
Barclays has over 4,750 branches across around 50 countries, of which around 1,600 are in the United
Kingdom.[85] In the UK Barclays also offers some personal banking services through branches of the Post
Office. 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, an alliance of international banks which allows each
banks' customers to use their ATM card or check card at all other member banks with no ATM access fees
when travelling internationally.[86]
Senior management
The chairman is Sir David Walker, the Group chairman, who joined the Board on 1 September 2012 and
became chairman from 1 November 2012.[87] The chief executive is Antony Jenkins, who had been a
member of the executive committee since 2009 and comes from the retail side of the business.[88]
Executive Committee
The current members of Barclays' Executive Committee are:
Antony Jenkins (Group chief executive, Barclays plc)
Eric Bommensath (Cochief executive, Barclays Corporate & Investment Banking);
Mark Harding (Group General Counsel, Barclays plc
Robert Le Blanc (Chief Risk Officer, Barclays plc
Shaygan Kheradpir (Group Operations and Technology
Officer, Barclays plc)(Already resigned and out)
Thomas King (Cochief executive, Barclays Corporate &
Investment Banking);
Sir Hector Sants (Head of Compliance and Government and
Regulatory Relations)(Already resigned and out)
Irene McDermott Brown (Group Human Resources Director)
Valerie Soranno Keating (CEO Barclaycard, Barclays plc);
Hugh (Skip) McGee III ( chief executive America);
Maria Ramos (CEO, Absa);
Ashok Vaswani [89] Group Executive Chief, Retail and
A Barclays branch on Park Lane in
Business Banking); London, United Kingdom
Board of Directors
The current members of Barclays' board of directors are:[90]
Sir David Walker (Group Chairman)
Antony Jenkins (Group Chief Executive);
Tim Breedon (nonexecutive director);
Fulvio Conti (nonexecutive director); Antony Jenkins, at the 2014 One
David Booth (nonexecutive director); Young World Conference in Dublin,
Simon Fraser (nonexecutive director); Ireland.
Frits van Paasschen (nonexecutive director);
Sir Michael Rake (Deputy Chairman);
Reuben Jeffery III (nonexecutive director);
Diane de Saint Victor (nonexecutive director);
Dambisa Moyo (nonexecutive director);
Sir John Sunderland (nonexecutive director).
Sunil Chirayath (Senior independent director)
Sponsorships
Barclays has sponsored the Premier League since 2001 (from 2001
to 2004 under the Barclaycard brand) and, from 2006, the Churchill
Cup. Barclays also sponsored The Football League from 1987 until
1993, succeeding Today newspaper and being replaced by Endsleigh
Insurance. It also sponsored the 2008 Dubai Tennis
Championships.[91] In 2009 it became the official sponsor of the
ATP World Tour Finals.
Barclays is a major sponsor of professional golf tournaments
worldwide, the Barclays Scottish Open on the PGA European Tour
at Loch Lomond since 2002, the Barclays Classic on the PGA Tour
from 2005–2006, which became The Barclays in 2007, the first of
four playoff tournaments for the FedEx Cup, and since 2006
Barclays has been title sponsor to the Singapore Open, the richest One Churchill Place, Barclays' world
national open in Asia, and since 2009 has been cosanctioned with headquarters in Canary Wharf,
the European Tour. Barclays also sponsors PGA Tour star Phil London, United Kingdom
Mickelson and European Tour player Darren Clarke.
Barclays is the sponsor of the Barclays Cycle Hire scheme in
London, as part of a £25 million deal with Transport for
London.[92][93]
Barclays also sponsors a multi use sports facility in Brooklyn, New
York called the Barclays Center.
A Barclays Cycle Hire docking
Controversies station in central London
Involvement with South Africa under apartheid
Barclays bank was known overseas in the financial industry in the 1980s as 'Boerclaysbank', due to its
continued involvement in South Africa during the apartheid regime.[94] A student boycott of the bank led to
a drop in its share of the UK student market from 27 per cent to 15 per cent by the time it pulled out in
1986.[95]
In 2006, a South African activist group, the Jubilee South Africa backed Khulumani Support Group, sought
reparations from Barclays in addition to Citigroup, BP, Royal Dutch Shell, Ford, GM, and Deutsche Bank
for their roles indirectly supporting the apartheid government in South Africa during the 1970s and 1980s.
The legal proceedings are being heard at the Second Circuit Court of Appeals in New York, and the South
African Ministry of Justice is seeking dismissal of the case on the grounds that it undermines its national
sovereignty.[96]
Financial support for the government in Zimbabwe
Barclays helps to fund President Robert Mugabe's government in Zimbabwe.[97] The most controversial of
a set of loans provided by Barclays is the £30m it gives to help sustain land reforms that saw Mugabe seize
whiteowned 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.[98] Barclays spokesmen say 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".[99]
Barclays also provides two of Mugabe's associates with bank accounts, ignoring European Union sanctions
on Zimbabwe.[100] 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.[101]
Accusations of money laundering
In March 2009, Barclays was accused of violating international antimoney 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.[102]
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.[103]
Senior management bonuses
Bob Diamond, then the head of Barclays Capital, was set to receive a £14.8m bonus in 2008, as Barclays
Capital made a profit of £2.3bn in the year, despite the subprime mortgage crisis in the US forcing the
division to take a £1.6bn hit in 2007.[104]
Tax avoidance
In March 2009, Barclays obtained an injunction against The Guardian to remove from its website
confidential leaked documents describing how SCM, Barclays' structured capital markets division, planned
to use more than £11bn 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".[105] In an editorial on
the issue, The Guardian pointed out that, due to the mismatch of resources, taxcollectors (HMRC) have
now to rely on websites such as WikiLeaks to obtain such documents,[106] and indeed the documents in
question have now appeared on WikiLeaks.[107][108] Separately, another Barclays whistleblower revealed
several days later that the SCM transactions had produced between £900m and £1bn in tax avoidance in one
year, adding that "The deals start with tax and then commercial purpose is added to them."[109]
In November 2013, development charity ActionAid launched a campaign calling on Barclays to stop
promoting tax havens in Africa, highlighting how this can drain poorer countries of vital resources.[110]
2012 tax repayment
In February 2012 Barclays was forced to pay back £500 million in tax which it had tried to avoid. Barclays
was accused by HMRC of designing two schemes that were intended to avoid substantial amounts of tax.
Tax rules forced the bank to tell the UK authorities about its plans.[111]
David Gauke, Exchequer Secretary to the Treasury, 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."[111]
One tax scheme involved Barclays claiming it should not have to pay corporation tax on profits made when
buying back its own IOUs.[111] The second tax avoidance scheme, also designed by Barclays, involved
investment funds claiming that nontaxable income entitled the funds to tax credits that could be reclaimed
from HMRC. The treasury described this as "an attempt to secure 'repayment' from the Exchequer of tax
that has not been paid".[111]
Conflicts of interest
In a 2011 Delaware Chancery Court decision, Barclays was criticised for failing to disclose conflicts of
interest to its client, Del Monte, in connection with Del Monte's buyout, which was led by KKR.[112]
Barclays subsequently agreed to pay US$24 million and give up a $22 million fee from Del Monte, as part
of a settlement of a lawsuit brought on behalf of Del Monte shareholders.[113]
Customer satisfaction
Barclays was Britain's most complained about bank in the last six months of 2011. Between 1 July and 31
December, the financial ombudsman dealt with 11,524 complaints about Barclays, finding in favour of
customers in 84% of cases.[114] The majority of complaints were about the bank's sales of payment
protection insurance (PPI). Antony Jenkins, chief executive of Barclays Retail and Business Banking said
that the figures showed a 36% reduction in new cases, which followed a 30% yearonyear reduction in
FSAreportable banking complaints.[114]
Ratefixing 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) and the
Euro Interbank Offered Rate (Euribor). The United States Department of Justice and Barclays officially
agreed that "the manipulation of the submissions affected the fixed rates on some occasions".[115] 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.[116] This happened between 2005 and 2009, as often as daily.[117]
The BBC said revelations concerning the fraud were "greeted with almost universal astonishment in the
banking industry."[118] 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.[117] 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."[116] The bank's chief executive Bob Diamond decided to give up his bonus as a result of
the fine.[119] Liberal Democrat politician Lord Oakeshott criticised Diamond, saying: "If he had any shame
he would go. If the Barclays board has any backbone, they'll sack him."[116] The US Department of Justice
has also been involved, with "other financial institutions and individuals" under investigation.[116] On 2 July
2012, Marcus Agius resigned from the chairman position following the interest rate rigging scandal.[120] On
3 July 2012, Bob Diamond resigned with immediate effect, leaving Marcus Agius to fill his post until a
replacement is found.[121] Within the space of a few hours, this was followed by the resignation of the
Bank's chief operating officer, Jerry del Missier.[122] 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] On 17 February 2014 the Serious Fraud Office charged three former bank employees
Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas with manipulating Libor rates
between June 2005 and August 2007.[124]
Staff diversity
Barclays bank has been criticised for underrepresentation of women and ethnic minorities in its most
senior positions. By paying a 25 per cent premium to headhunters, Barclays bank has attempted to increase
the representation of both women and ethnic minorities.[125]
Qatari capital raising regulatory investigations
Barclays' June and November 2008 capital raisings are the subject of investigations.[126] The Serious Fraud
Office (United Kingdom) commenced its investigation in August 2012. 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.[127] The Financial Services
Authority announced an expansion of the investigation into the BarclaysQatar deal in January 2013,
focusing on the disclosure surrounding the ownership of the securities in the bank.[128]
Barclays had sought to raise capital privately, avoiding direct equity investment from the Government of
the United Kingdom and, therefore, a bailout. The result was Abu Dhabi's £3.5 billion investment in the
bank, a deal in which H.H. Sheikh Mansour bin Zayed Al Nahyan made a profit of £3.5 billion.[129] 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".[130]
US electricity market manipulation
In July 2013 US energy regulator the Federal Energy Regulatory Commission (FERC) ordered Barclays to
pay £299m fine penalty for attempting to manipulate electricity market in the US. The fine by FERC relates
to allegations in December 2008.[131]
Gold price manipulation
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 20042013, and for manipulation of the gold price on 28 June 2012.[132]
US lawsuit alleging dark pool fraud
In June 2014 the U.S. 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.
Specifically, the firm was accused of hiding the fact that Tradebot 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 by the bank saying it was taking the
allegations seriously, and was cooperating with the New York attorney general.[133] 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.[134]
Bibliography
Barclays Bank (1951). The Eagle Looks Back. a Silver Jubilee Anthology of TwentyFive Years'
Contributions to "the Spread Eagle," the Staff Magazine of Barclays Bank Limited. [with
Illustrations]. London: Spread Eagle. OCLC 556739074 (https://www.worldcat.org/oclc/556739074).
Tuke, A. W.; Gillman, R. J. H. (1972). Barclays Bank Limited, 1926–1969: Some Recollections.
London: Barclays Bank Ltd. ISBN 9780950044286.
See also
Barclays Bank Canada
Chip Authentication Program (PINsentry)
European Financial Services Roundtable
List of banks in the United Kingdom
Notes
1. ^ a b c d e f "Annual Report 2013"
(http://www.barclays.com/content/dam/barclayspublic/docs/InvestorRelations/AnnualReports/AR2013/2013
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Group.barclays.com. 5 August 2011. Retrieved 2 February 2012.
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Newsroom: Business History. Barclays. Retrieved 30 January 2007. See also: Barclays: The Business of
Banking, 1690–1996 by Margaret Ackrill and Leslie Hannah; Cambridge UP, 2001 ISBN 0521790352
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About us: Our History | 1690–1972. Barclays. Retrieved 11 May 2008.
7. ^ (Gamble 1923,46).
8. ^ a b c European Association for Banking History (1994). Pohl, Manfred; Freitag, Sabine, eds. Handbook on the
history of European banks (http://books.google.co.uk/books?
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y&dq=%22barclays%20bank%20international%22%20established&pg=PA1193#v=onepage&q=%22barclays%20
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9. ^ Raychaudhuri et al., eds. (1983), Vol. 2, p.782.
10. ^ Investors chronicle and stock exchange gazette 10. 5 December 1969. p. 922.
11. ^ Leith McGrandle (5 December 1969). Accountancy 85. p. 54.
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External links
"Barclays plc Web Site" (http://www.barclays.com). Wikimedia Commons has
"Profile for Barclays plc" (http://finance.yahoo.com/q/pr? media related to Barclays.
s=BCS). Yahoo! Finance.
"Profile for Barclays plc" (http://finance.google.com/finance?q=barc). Google Finance.
Barclays companies (https://opencorporates.com/corporate_groupings/Barclays) grouped at
OpenCorporates
Barclays plc Charter, Diageo plc: U.K., Irish Equity Preview
(http://www.bloomberg.com/news/20110913/barclaysplccharterdiageoplcukirishequity
preview.html)
Records of Barclays Bank Head Office Departments, 18961985
(http://archiveshub.ac.uk/data/gb2044badepartments18961985)
Retrieved from "http://en.wikipedia.org/w/index.php?title=Barclays&oldid=644587011"
Categories: Barclays Banks established in 1690 Banks of the United Kingdom

Companies established in 1896 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 1690 establishments in England British brands
Global systemically important banks Clan Barclay
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What is Barclays' history and origins?

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2/4/2015 Barclays Wikipedia, the free encyclopedia

and Business Banking.[2] The Key people Sir David Walker

following decades Barclays expanded Subsidiaries Absa Group

Categories: Barclays Banks established in 1690 Banks of the United Kingdom

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Barclays - Wikipedia, The Free Encyclopedia

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Barclays - Wikipedia, The Free Encyclopedia

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What is Barclays' history and origins?

What is Barclays' history and origins?

What are Barclays' main business divisions and subsidiaries?

What are Barclays' main business divisions and subsidiaries?

2/4/2015 Barclays ­ Wikipedia, the free encyclopedia

and Business Banking.[2] The Key people Sir David Walker

following decades Barclays expanded Subsidiaries Absa Group

Categories: Barclays Banks established in 1690 Banks of the United Kingdom

You might also like

2/4/2015 Barclays Wikipedia, the free encyclopedia