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Barclays

Barclays is a leading UK-based bank which offers banking and financial services all over the world

Barclays is a leading UK-based banking and financial services company with operations across 40 countries and serving more than 48 million customers. It offers range of financial products which includes personal banking, corporate and investment banking and wealth management. The group is engaged in lending and investing money to its customers and clients worldwide. Earlier, it was known as Barclays Bank International Limited which was later changed into Barclays Bank PLC.

It has primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index.

The group offers wide variety of services which includes retail banking, credit cards, wholesale banking, investment banking, wealth management, and investment management services across the United Kingdom, rest of Europe, the Americas, Africa, the Middle East, and the Asia Pacific. It serves its customer through its 120,000 employees at its branches all over the world.

History

The origin of Barclays bank goes back to 1690 on Lombard Street in London where it began as a goldsmith banking business by John Freame and Thomas Gould. Later, James Barclay became a partner in it after whom the business is named. It acquired the name Barclays and Co. in the year 1896 and grew over time to become a multinational bank as it is recognized today.

The group has an illustrious past during which it established many feats. It has many firsts to its name during its 350+ year history as it funded the world’s first industrial steam railway and introduced the world’s first ATM.

Along its journey from a small business to large-scale global business, it acquired the London, Provincial and South Western Bank, British Linen Bank, Mercantile Credit, the Woolwich and the North American operations of Lehman Brothers.

Executive Committee
Members of the Executive Committee:

  • Jes Staley (Group Chief Executive)
  • Paul Compton (Group Chief Operating Officer);
  • Bob Hoyt (Group General Counsel);
  • Tristram Roberts (Group Human Resources Director);
  • Tushar Morzaria (Group Finance Director);
  • Maria Ramos (CEO, Barclays Africa Group);
  • Michael Roemer (Group Head of Compliance);
  • Amer Sajed (CEO of Barclaycard)
  • C.S. Venkatakrishnan (Chief Risk Officer);
  • Ashok Vaswani (CEO, Barclays UK).
  • Franscesco Grosoli (CEO EMEA)

Board of directors
Members of the board of directors:

  • John McFarlane (Chairman);
  • Jes Staley (Group Chief Executive Officer, Barclays plc.)
  • Mike Ashley (non-executive director);
  • Tim Breedon (non-executive director);
  • Crawford Gilles (non-executive director);
  • Sir Gerry Grimstone (Deputy Chairman and Senior independent director);
  • Reuben Jeffery III (non-executive director);
  • Tushar Morzaria (Group Finance Director);
  • Dambisa Moyo (non-executive director);
  • Frits van Paasschen (non-executive director);
  • Diane de Saint Victor (non-executive director);
  • Diane Schueneman (non-executive director);
  • Stephan Thieke (non-executive director).

Recent performance

The group’s profits more than doubled in the first quarter this year, beating predictions. Its pre-tax profits were £1.682bn which was £793m during the same period last year.

Chief executive Jes Staley said it had been

“another quarter of strong progress towards the completion of the restructuring of Barclays”.

“On Africa, we await approval for the separation arrangements already agreed with local management, following which we will be able to make further progress towards regulatory deconsolidation,”

Mr Staley said.

The group intends to sell-off its assets all over the world and focus on its key objectives of the UK and US markets.

“A year ago we laid out our intention to accelerate the restructuring of Barclays and refocus our business as a transatlantic, consumer, corporate and investment bank, anchored in London and New York,”

Jes Staley, Barclays chief executive said in a statement.

“We have made strong progress against this agenda in 2016.”

Mr Staley did not comment on the impact of brexit on its business.

In January he said:

“I don’t believe that the financial centre of Europe will leave the City of London. There are all sorts of reasons why I think the UK will continue to be the financial lungs for Europe.

“The bulk of what we do will continue to occur in London in my view.”

Future plans
Barclay plans to:

  • Simplify core business
  • Sell non-core operations
  • To focus on transatlantic operations
  • The Bank’s operations will be centred on London and New York

Address:
1 Churchill Place
London, E14 5HP
United Kingdom

Website: www.barclays.co.uk

Paul

The author Paul