in

Barclays plc company profile and news

Barclays plc is a British Multinational financial services and investment bank with its headquarters based in London, England. The bank’s origins could be traced back to the goldsmith banking business which was established in the city of London in the 1990s. As of 2020 the bank has a reported £1.34 trillion in assets and currently employs around 83,500 individuals. Barclays is organized into 4 core businesses aside from investment banking. These businesses are corporate banking, personal banking, investment management and wealth management.

Barclays plc

James Barclay became a partner in the goldsmith banking business in 1736. In 1896 Barclay became a partner in several banks in London and in other English provinces including Gurney’s Bank, Backhouse’s Bank and Goslings Bank. They were all united as a joint stock bank under the name Barclays and Co. Over the decades that have followed Barclays has expanded to become a nationwide bank. 1967 was the year that Barclay deployed the world’s first cash dispenser.

They have acquired many other banks including London, south Western and Provincial bank in 1918, British Linen Bank in 1919 and the Woolwich in 2000 along with Lehman Brothers in 2008. Barclays plc is primarily listed on the London Stock Exchange and the corporation is also a constituent of the FTSE 100 Index. Barclay has a secondary listing on the New York Stock Exchange and it is considered a systemically important bank by the Financial Stability Board.

A 2011 paper was of the opinion that Barclays was the most powerful transactional corporation in terms of ownership and because of this it is also the top dog in the market in terms of corporate control over global financial stability and market competition. Axa and State Street Corporation hold the second and third spots respectively. The corporation is involved in many projects in the UK like the Barclays Premier League and other projects from around the world.

The early beginnings of Barclays Plc

The beginnings of Barclays can be traced to as far back as the 17 of November 1690 when John Freame , a Quaker and Thomas Gould started trading as goldsmith bankers on Lombard Street, London. The name “Barclays” would not become associated with the business until 1736. It was the year that the son in law of Freame would become a partner of the business. 1728 was the year that the bank moved to 54 Lombard Street and was identified by the sign of the Black Spread Eagle, which would become a core part of the bank’s visual identity over the years.

The Barclay family had ties to the slave trade because members of the family were both for and against it. In 1776 the firm was renamed “Barclay Bevan and Bening” and would remain with that name until 1785. This was due to the fact that another partner by the name of John Tritton had married a Barclay. He was admitted to the business as a partner and thus the name became “Barclay, Bevan, Bening and Tritton”. In 1896 several banks in London and from other English provinces united under the name Barclays and Co., a joint-stock bank.

Barclays extended its branch network between the years of 1905 and 1916 by acquiring small English banks. Several expansions would come in the years to follow due to amalgamations and acquisitions. 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 (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.

Barclays became the first UK bank to appoint a female bank manager in May of 1958 . The manager of Barclays Hanover square branch in London was Hilda Harding and she managed the bank until her eventual retirement in 1970. Barclays established a US affiliate, Barclays Bank of California in San Francisco in the year of 1965.

Acquisitions and Expansions

They were the bank to establish 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 this machine. The planned merger with Martins Bank and Lloyds Bank was blocked in 1969 by the Monopolies and Mergers Commission, but the acquisition of Martins Bank on its own was later permitted. The British Linen Bank subsidiary was sold in the same year to the Bank of Scotland in exchange for a 25% stake, a transaction that became effective as of 1971. Barclays DCO changed its name to Barclays Bank International in 1971.

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.

n 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) to form Barclays de Zoete Wedd (BZW), now known as the Barclays Investment Bank, and to take advantage of the Big Bang on the London Stock Exchange. Barclays plc is one of the wealthiest banks in the world and they are also involved in many sponsorship activities in sports and other activities.

Barclays PLC during the years 1900-1945
Barclays plc

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 (see Banknotes of the pound sterling).

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 (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.

In 1941, during the German occupation of France, 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.

Barclays PLC 1946 to 1980

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 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 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 PLC 1980-2000

In 1980, Barclays Bank International expanded its business to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation. During 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 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) to form Barclays de Zoete Wedd (BZW), now known as the Barclays Investment Bank, 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. 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. Edgar Pearce, the “Mardi Gra Bomber”, began a terror campaign against the bank and the supermarket chain Sainsbury’s in 1994. In 1996, Barclays bought Wells Fargo Nikko Investment Advisors (WFNIA) and merged it with BZW Investment Management to form Barclays Global Investors.

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. 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.

In August 2000, Barclays took over the recently de-mutualised Woolwich PLC, formerly the Woolwich 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, south-east London, four miles (6 km) from the original head office in Woolwich.

Barclays PLC during the 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. 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).

Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$469 million in cash from Wachovia 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

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 2005.

Barclays plc

Thank you for reading this blog and as always if you found this information to be informative and inspirational then please give us a follow and while you are at it why not follow our social media pages for all our latest blog posts. Have a great day and always remember to never let the adversities you face in life overwhelm you because there is always a way to overcome them.

Comments

Leave a Reply

Loading…

0

Comments

0 comments

Who is Satoshi Nakamoto?

Mercadona- Latest news from Mercadona