Barclays

Barclays Group Archives house the records of Barclays PLC and its predecessors from 1567 to the present day.

Barclays traces its origins to the goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736.

Barclays Bank was founded on 17 November 1690 by John Freame and Thomas Gould as goldsmith bankers in Lombard Street, London. The name 'Barclays' became associated with the business in 1736 when James Barclay, Freame's son-in-law, became a partner.

In 1694, Thomas Martin was apprenticed to Charles Duncombe, and later married Duncombe's niece, taking over his share in the business in 1699. The company was renamed Stone and Martin in 1706.

In 1695, John Freame held the Society Of Friends' central funds, known as the national stock, amounting to £1,100. He was a well-respected and influential character within the Quaker community.

In 1728, Barclays moved to 54 Lombard Street and adopted the sign of the Black Spread Eagle as its identifier. This sign later became the official coat of arms for Barclays in 1937.

In 1733, James Barclay, the first member of the Barclay family involved in banking, married the daughter of John Freame, a goldsmith and partner in a banking business in London's Lombard Street. James later became a partner in the firm, which eventually evolved into Barclays Bank Plc.

In 1736, Joseph Freame, the son of one of the founders of Barclays, partnered with his brother-in-law, James Barclay, solidifying the presence of the Barclays name in the business.

In 1744, Samuel Alexander, a Quaker merchant with interests in the iron and corn trade, established one of the earliest 'country banks' in Barclays history in Needham Market, Suffolk. He was perceived as trustworthy and wealthy by his customers, leading to the success of his bank.

Jonathan Backhouse and Company, established in 1774, was one of the principal partners in the 1896 amalgamation that led to the establishment of Barclays as a joint-stock limited company.

David Barclay the younger became a partner in the bank in 1776. He was known for his active involvement in Quaker activities and his support for the abolition of slavery.

Barclays established its presence in Kent with the opening of a branch in Tunbridge Wells around 1817. The exact opening date is not known, but there is a reference in J Sprance's 'Tunbridge Wells Guide' for 1817 mentioning the presence of the bank.

In 1824, Joseph John Gurney authored 'Observations on the Religious Peculiarities of the Society Of Friends', a significant work that was reprinted multiple times, showcasing his prominence as a Quaker author.

The Bank Charter Act of 1826 allowed banks with more than six partners to be formed only outside London.

Barclays' roots in Wales trace back to 1827 when a bank was founded in Haverfordwest by John and William Walters. The bank expanded to open branches in Narbeth, Milford Haven, and Pembroke Dock before being acquired by the London and Provincial Bank in 1872.

In 1837, Joseph John Gurney embarked on a three-year ministering tour of the West Indies and America to campaign against slavery, generously giving away a third of his share of the Bank's profits during this period.

By 1838, the Gurneys expanded their banking business and established partnerships in various locations in Great Britain, becoming one of the most influential banking establishments in the country.

Stockholders of new joint-stock companies were granted limited liability for the first time in 1854.

By injecting new capital and new partners into the Norwich Bank, it was distanced from the bill broking business just one month before it crashed. The failure of the bank was regrettable, but necessary actions were taken to prevent other businesses from being affected by the collapse of Overend, Gurney and Company.

Barclays opened branches in Narbeth, Milford Haven, and Pembroke Dock, before being taken over by the London and Provincial Bank in 1872.

In 1879, existing joint-stock associations were allowed to convert to a limited-liability structure.

In 1896, twelve banks in London and the English provinces united as a joint-stock bank under the name Barclays and Co, including Goslings Bank, Backhouse's Bank and Gurney, Peckover and Company.

In 1902, Barclays Bank Limited was listed on the stock exchange, marking a significant milestone in the bank's history.

The Consolidated Bank of Cornwall, formed between 1889-1896 through the combination of various Cornish banks, amalgamated with Barclays and Co in 1905.

Barclays merged with the successful Stamford, Spalding & Boston Banking Company in 1911, inheriting several long-established branches in Northamptonshire.

Barclays' first international venture took place in 1914 when it established its French subsidiary, Cox & Company.

In 1916, Barclays acquired the United Counties Bank, establishing a significant presence in the Midlands and becoming one of the 'Big Five' clearing banks.

Barclays made numerous corporate acquisitions, including the acquisition of London, Provincial and South Western Bank in 1918, expanding its operations.

By 1920, Barclays Bank Limited had started expanding its operations to various parts of the world including the Caribbean, South Africa, and Europe.

In 1925, Barclays amalgamated the Colonial Bank, National Bank of South Africa, and the Anglo-Egyptian Bank to operate its overseas operations under the name Barclays Bank (Dominion, Colonial and Overseas)—Barclays DCO.

In 1937, Barclays introduced its first coat of arms, symbolizing a significant moment in the bank's visual identity and branding.

In 1941, during the German occupation of France, a branch of Barclays in Paris collaborated with the invading force, volunteering names of Jewish employees and ceding Jewish bank accounts to the Germans. The branch also used its funds to support German operations.

In May 1958, Barclays made history by appointing Hilda Harding as the first female bank manager in the UK. She 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.

In 1967, Barclays deployed the world's first cash dispenser, revolutionizing the way people access their money.

On 27 June 1967, Barclays deployed the world's first cash machine in Enfield; Barclays Bank, Enfield. The British actor Reg Varney was the first person to use the machine.

In 1968, Barclays Bank acquired Martins Bank, a regional smaller business. This acquisition was part of Barclays' strategy to expand and grow by integrating smaller businesses into its operations.

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.

Barclays opened a state-of-the-art computer centre in Wythenshawe, Manchester in 1971. The 110,000 sq ft building, costing £2.75 million, became the largest commercial computer centre in Britain, serving 900 branches across the north of England and managing over 2.25 million customer accounts.

The book 'Barclays Bank Limited, 1926–1969: Some Recollections' by Tuke, A. W.; Gillman, R. J. H. was published in 1972, providing insights into the history of Barclays Bank during that period.

In August 1975, following the secondary banking crash, Barclays acquired Mercantile Credit Company.

By 1977, Barclays introduced company cards, expanding beyond individual cards. This move catered to the needs of businesses and marked a shift towards corporate banking services.

Barclays Bank International expanded its business in 1980 to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation.

The name of the bank changed to 'Barclays Bank PLC' in 1982, reflecting its growth and evolution over the years.

In 1985, Barclays Bank and Barclays Bank International merged, leading to the formation of a new group holding company named Barclays Group Plc. This merger also resulted in the integration of UK retail banking under the former BBI, which was renamed Barclays Bank PLC.

In response to the Big Bang on the London Stock Exchange, Barclays acquired UK stockbroker de Zoete & Bevan and jobbing firm Wedd Durlacher in 1986. These entities were merged with Barclays Merchant Bank to form Barclays de Zoete Wedd (BZW).

Barclays introduced the Connect card in June 1987, marking the launch of the first debit card in the United Kingdom.

In 1988, Barclays sold Barclays Bank of California to Wells Fargo for US$125 million in cash. This move involved the transfer of the 17th-largest bank in California measured by assets.

In 1994, Edgar Pearce, known as the 'Mardi Gra Bomber', initiated a terror campaign against Barclays Bank and the supermarket chain Sainsbury's.

Barclays acquired Wells Fargo Nikko Investment Advisors in 1996 and merged it with BZW Investment Management to establish Barclays Global Investors. This move was overseen by Bob Diamond.

In 1998, the BZW business was dismantled, with the Equity and Corporate Finance Divisions being sold to Credit Suisse First Boston. Barclays retained the debt-focused Fixed Income business and Structured Capital Markets, laying the groundwork for the rebranded Barclays Capital (BarCap).

In 1999, Barclays ventured into the internet service domain by launching Barclays.net. This move aligned with the trend of free ISPs during that period.

In August 2000, Barclays acquired Woolwich PLC, formerly the Woolwich Building Society, in a £5.4 billion deal. This acquisition led to Woolwich becoming part of the Barclays group, with the retention of the Woolwich name.

Barclays and CIBC agreed to combine their Caribbean operations in 2001 to establish a joint venture company known as FirstCaribbean International Bank (FCIB), aiming to strengthen their presence in the region.

In April 2002, Barclays enacted a 4:1 share split, adjusting its stock prices and potentially attracting more investors.

In 2003, Barclays bought the American credit card company Juniper Bank from CIBC and acquired Banco Zaragozano, the 11th-largest Spanish bank, expanding its international presence.

Barclays took over sponsorship of the Premier League from Barclaycard in 2004, increasing its visibility and brand recognition in the sports industry.

In May 2005, Barclays moved its group headquarters to Canary Wharf and sealed a £2.6bn takeover of Absa Group Limited, South Africa's largest retail bank, marking significant strategic moves.

In 2006, Barclays purchased the HomEq Servicing Corporation and the financial website CompareTheLoan, expanding its financial services portfolio.

On August 30, 2007, Barclays was forced to borrow £1.6 billion from the Bank of England due to a technical problem with their settlement network. This borrowing was necessary as a last-resort measure when banks are unable to settle their debts.

On November 9, 2007, Barclays shares dropped 9% and were temporarily suspended due to rumors of exposure to bad debts in the US. However, a Barclays spokesman denied the rumors, emphasizing the stability of the bank.

In 2008, Barclays acquired the North American operations of Lehman Brothers, solidifying its presence in the financial market.

On September 16, 2008, Barclays announced the agreement to purchase Lehman Brothers' North American business after the latter's bankruptcy. This acquisition marked Barclays' entry into U.S. Equities and Investment Banking.

On September 20, 2008, Barclays finalized the acquisition of the core business of Lehman Brothers, including its Midtown Manhattan office skyscraper. This deal solidified Barclays' presence in the financial sector.

On November 24, 2008, Barclays raised £7 billion from investors in Abu Dhabi and Qatar as part of its capital-raising strategy. This move aimed to meet higher capital targets set by the UK's Financial Services Authority.

On 12 June 2009, Barclays sold its Global Investors unit, including iShares, to BlackRock for US$13.5 billion.

Barclays acquired Standard Life Bank from Standard Life in October 2009, with the sale completed on 1 January 2010.

In 2011, Barclays faced a fine for mis-selling high-end investments to retired individuals without fully disclosing the associated risks. This raised concerns about the bank's ethical practices.

On 2 July 2012, Marcus Agius resigned from the chairman position at Barclays following the interest rate rigging scandal.

On 3 July 2012, Bob Diamond resigned with immediate effect as the Chief Executive of Barclays due to the interest rate rigging scandal.

In July 2013, Barclays was ordered to pay a £299 million fine penalty by the Federal Energy Regulatory Commission for attempting to manipulate the electricity market in the US.

On 17 February 2014, the Serious Fraud Office charged three former Barclays employees with manipulating Libor rates between June 2005 and August 2007.

In May 2015, Barclays was issued a substantial fine for rigging the interest rates known as Libor rigging. This unethical practice involved manipulating the rates that banks charge each other.

In June 2015, Barclays announced the sale of its US wealth and investment management business to Stifel.

On January 31, 2016, Barclays settled with the New York Attorney General's office and the SEC, agreeing to pay $70 million for violating securities laws related to its dark pool trading system. The bank also agreed to have an independent monitor oversee the dark pool.

In June 2017, former Barclays CEO and three colleagues were charged with fraud and unlawful financial assistance in connection with capital raising during the financial crisis of 2007–2008.

In February 2018, the Serious Fraud Office charged Barclays with unlawful financial assistance related to funds raised from the Qatar deal.

Barclays Global Technology, Media and Telecommunications Conference took place at The Palace Hotel in San Francisco on December 4, 2018.

On 8 June 2020, Barclays was accused of deceit by PCP Capital in a £1.5 billion lawsuit, alleging misleading the market over the terms of its capital raising deal with Qatar.

On October 31, 2021, Barclays' CEO Jes Staley resigned amidst an investigation into his connections with Jeffrey Epstein. He was succeeded by C. S. Venkatakrishnan, making history as the first person of Indian descent to lead Barclays.

In May 2022, Barclays increased its stake in Barrenjoey Capital Partners from 9.9 percent to 18.2 percent.

On 1 March 2023, Barclays acquired specialist mortgage lender Kensington Mortgages, based in Maidenhead.

In February 2024, Barclays announced the acquisition of Tesco Bank's credit cards, loans, and savings operations.