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Syn City Build a city of skyscrapers—one synonym at a time. Learn a new word every day. Jump to navigation Jump to search This article is about the British banking firm. British multinational investment bank and financial services company headquartered in London. Barclays traces its origins to a goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736.
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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. According to a 2011 paper by Vitali et al. Barclays traces its origins back to 1690 when John Freame, a Quaker, and Thomas Gould started trading as goldsmith bankers in Lombard Street, London. The Barclay family were connected with slavery, both as proponents and opponents. David and Alexander Barclay were engaged in the slave trade in 1756. 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, Bening and Tritton”.
Between 1905 and 1916 Barclays extended its branch network by making acquisitions of small English banks. 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. 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.
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In August 1975, following the secondary banking crash, Barclays acquired Mercantile Credit Company. In 1980, Barclays Bank International expanded its business to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation. 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 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. Barclays introduced the Connect card in June 1987, the first debit card in the United Kingdom. Edgar Pearce, the “Mardi Gra Bomber”, began a terror campaign against the bank and the supermarket chain Sainsbury’s in 1994.
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. Woolwich PLC thus joined the Barclays group of companies, and the Woolwich name was retained after the acquisition. 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.
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. 469 million in cash from Wachovia Corp. In January 2007, Barclays announced that it had purchased the naming rights to the Barclays Center, a proposed 18,000-seat arena in Brooklyn, New York, where the New Jersey Nets planned to relocate. In March 2007, Barclays announced plans to merge with ABN AMRO, the largest bank in the Netherlands. To help finance its bid for ABN AMRO, Barclays sold a 3.
Temasek Holdings, the investment arm of the Singaporean government. 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. Bank of England sterling standby facility. 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. However, a Barclays spokesman denied the rumours.