Barclays PLC

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The headquarters of Barclays PLC, London.

C Ford

Barclays PLC is a multinational financial institution formed in England in 1896, with roots that date back to goldsmith banking in the late 1600s. A household name in many countries, London-based Barclays operates across retail banking, investment banking, wealth management, brokerage services, and lending. The enterprise is headquartered in London’s Canary Wharf district.

In February 2024 Barclays announced a major restructuring designed to make the bank “simpler, better, and more balanced.” The banking giant has five divisions:

Barclays, which originated from goldsmith banking, formally came into existence on July 20, 1896. The British banking and trust firm was created by merging the banking businesses of Barclay, Bevan, Tritton, Ransom, Bouverie & Co., Gurney & Co., and other private concerns. The enterprise first registered under the name Barclay & Co. Ltd. and assumed the name Barclays Bank Ltd. in 1917.

Barclays has a long history of mergers and acquisitions, having purchased 17 private banks in England in its first 20 years of existence. In 1918 Barclays merged with the London, Provincial and South Western Bank to further boost its presence and rank among the “big five” in the UK market.

Another notable merger occurred in 1925 with the international amalgamation of the Colonial Bank, the Anglo Egyptian Bank, and the National Bank of South Africa to form Barclays Bank (Dominion, Colonial and Overseas). This division of Barclays was renamed Barclays Bank DCO in 1954 and Barclay Bank International Ltd. in 1971.

In the late 1950s Barclays earned the distinction of being Britain’s largest bank—and also its most innovative:

The late 1960s and early 1970s are also when Barclays established a U.S. presence (on both coasts), first with Barclays Bank of California in 1965, and then Barclays Bank of New York in 1971.

In 1979 Barclays purchased American Credit Corporation and changed the name of that institution to Barclays American Corporation. Through this subsidiary, the bank embarked on a program of significant expansion in the U.S. in the early 1980s, purchasing numerous consumer finance companies and trust company operations.

In 1981 Barclays was converted from a joint-stock bank into a public limited company. With further restructuring and name changes, Barclays became a holding company in 1985 after transferring all its assets to an operating subsidiary.

The traveler’s check business from Visa (V) was added to the Barclays family in 1986. The same year kicked off its investment banking operations when Barclays Merchant Bank merged with a partner. Barclays further expanded its investment banking practice in 1990 by acquiring Merck, Finck & Co. (a German investment bank) and L’Européenne de Banque (a French investment bank formerly part of the Rothschild dynasty).

The 1990s were a period of retrenchment for Barclays as it struggled with bad debt and management changes concurrent with the 1990–91 Persian Gulf War and deep economic recession. The institution exited U.S. retail banking starting in 1992; it sold bank branches, assets, and its lending and mortgage businesses.

During the latter part of the decade, the economy rebounded, and so did Barclays. In 1995 the bank acquired Wells Fargo Nikko Investment Advisors, in part to strengthen the organization’s presence in the Asia-Pacific region.

In 2000 Barclays added to its domestic lending business with the acquisition of the UK mortgage bank Woolwich. When the financial crisis hit in 2008, Barclays made headlines for its purchase of Lehman Brothers’ North American operations. The banking institution raised £7.3 billion ($12.1 billion) from Middle Eastern investors, rather than accepting rescue funds from the UK government.

From the early 2000s, Barclays started proactively building and expanding its digital footprint. It was early to launch online banking and a mobile app, as well as support contactless payments and a digital literacy program.

Since the mid-2010s, Barclays has been slowly intensifying its focus on the UK and U.S. markets. In 2016 it divested from Barclays Africa Group.

Barclays has been embroiled in its share of scandals and controversies over its long history. Some of the most recent or impactful include:

As a financial powerhouse, Barclays is doubling down on retail banking in the UK and corporate and investment banking in the U.S. But the institution is also making some bold commitments to combat climate change:

These projections may or may not come to pass, but forward-thinking ideas and innovation are part of what made Barclays the global institution it has become. Its deep roots in British banking, strategic acquisitions, and navigating regulatory and social challenges have helped Barclays remain a key player in the shaping of modern banking and finance.