Barclays PLC (BARC)
What is Barclays?
Barclays is a world-famous banking and financial services company that provides services in personal, corporate and investment banking, wealth management and credit cards. The company operates through its headquarters in two world financial centres, London and New York.
Barclays UK, headquartered in London, specialises in UK retail banking, consumer credit cards, wealth management and corporate banking for smaller businesses. Barclays International, headquartered in New York, is a diversified transatlantic business. It specialises in corporate and investment banking, Barclaycard, and Barclays’ Private Bank and Overseas Services.
As of 5 February 2018, Barclays was the 16th largest company in the FTSE 100 index, with a market capitalisation of around £33 billion. You can follow the ups and downs of the stock by checking out our BARC chart.
Who are the key people at Barclays?
Jes Staley has been Group Chief Executive Officer since December 2015. With almost four decades of experience in banking and financial services, the American is a highly influential – and sometimes controversial – figure in the industry. In 2017, the UK’s Financial Conduct Authority and Prudential Regulation Authority launched an inquiry into Staley's attempts to unmask a whistleblower at Barclays. The affair generated a lot of media attention.
Other key figures at Barclays include Chairman John McFarlane and Group Finance Director Tushar Morzaria.
What is the modern history of Barclays?
Barclays has been around since 1896, when 20 private banking firms joined together to form Barclay and Company Limited. Over the following decades it grew to become a nationwide bank, and made numerous acquisitions – including the Woolwich in 2000 and ING Direct UK in 2012.
In June 2012, and following an international investigation, Barclays Bank hit the headlines when it was fined a total of £290 million for manipulating the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
In recent years there’s been some retrenchment and refocusing of Barclays’ activities as the bank seeks to simplify its core operations. In May 2014, Barclays announced that it would cut 19,000 jobs over 3 years. And in May 2017 the bank revealed that it would sell £1.5 billion worth of shares in its Barclays Africa Group subsidiary as part of its strategy to refocus its business from Africa to the UK and US.
What are the latest developments at Barclays?
Barclays, in common with other leading UK high street banks, is currently having to ensure that it will comply with the UK government’s ring-fencing rules that come into effect on 1 January 2019. Ring-fencing requires Britain’s leading banks to separate certain retail and smaller corporate banking activity and products from more complex wholesale and investment banking activity.
Barclays is therefore setting up a new bank in the first half of 2018, separate from Barclays Bank PLC. The two entities will operate independently from each other as part of Barclays Group under the listed entity Barclays PLC. The separation will be undertaken by transferring the current Barclays UK division of Barclays Bank PLC into the new ring-fenced bank, which will offer everyday banking services to retail and smaller corporate customers in the UK.
To see how Barclays shares have been performing, take a look at our BARC chart.
Where does Barclays operate?
Barclays has operations in over 40 countries around the world and employs approximately 120,000 people. The bank has a presence in much of western Europe (in France, Germany, Spain, Portugal and Italy among other countries), and in Asia it’s present in the economic powerhouses of China, India, Japan and South Korea. Barclays also has operations across North America, in Brazil, and in 15 or so African and Middle Eastern countries from Egypt to South Africa.
Where is Barclays traded?
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. Check out Capital.com for the latest Barclays share price.