Explore the comprehensive timeline of Barclays, detailing its evolution from a small banking operation in the 17th century to one of the world's leading financial institutions. Discover key milestones, innovations, and transformations that have shaped Barclays' journey through the decades.
Barclays was founded on November 17, 1690, in the City of London, England. It began as a modest business as a goldsmith bank established by John Freame and Thomas Gould. The bank's focus was primarily on trading commodities such as gold and silver. Over the centuries, Barclays expanded its operations and became a leading global financial services provider, offering products and services in investment banking, wealth management, and corporate finance, among others.
On November 11, 1896, several banks, including Barclays, united under the Barclays name to form a new joint-stock bank, Barclays and Co. This merger included 20 banking firms disproportionately spread across the eastern region of the UK. The consolidation marked a significant milestone in Barclays' evolution, as it transitioned from smaller private banks to a larger joint stock banking institution, paving the way for its expansion beyond a regional entity to the global financial institution it is today.
On June 27, 1967, Barclays opened the world's first electronic ATM at its Enfield branch in North London. This revolutionary technology allowed customers to withdraw cash without the need for a human teller. The machine was developed in partnership with British engineer John Shepherd-Barron. It significantly transformed banking practices by introducing electronic banking services well before the digital age, ultimately paving the way for modern ATMs found worldwide.
On March 17, 1999, Barclays launched its online banking services, becoming one of the first banks to offer such services in the UK. This initiative came as part of a move to embrace digital transformation and address the changing needs of its customers for more flexible and convenient banking options. By providing internet banking services, Barclays encouraged greater customer engagement and maintained competitive advantage by modernizing its service delivery in response to technological advancements.
On February 10, 2003, Barclays made a strategic move into the African banking sector by purchasing a controlling stake in South Africa's Absa Group Limited. This acquisition was valued at approximately $5.5 billion and positioned Barclays as a leading bank operator in the African continent. The entry into Africa was part of Barclays' broader expansion strategy to tap into emerging markets, diversify its revenue streams, and establish a foothold within the rapidly growing African financial sector.
On April 23, 2004, Barclays announced that it had suffered a significant data breach in which a substantial amount of customer data was stolen. This incident involved unauthorized access to sensitive customer data stored within the bank's systems. The breach necessitated an immediate overhaul of the bank's data protection and cybersecurity measures, with an increased focus on securing client information against cyber threats, ultimately contributing to stronger privacy legislation adoption in the banking sector.
On June 4, 2007, Barclays launched Barclays PLC, following its separation from Barclays Group. This transition saw Barclays operating under a new corporate structure, with separate entities focused on UK retail banking, Barclaycard, and wealth management, among others. It was part of Barclays' strategic effort to streamline operations and increase profitability. While the differentiation allowed for specialization across sectors, it also highlighted the bank's intentions to adapt to evolving regulatory requirements.
On September 16, 2008, Barclays announced its acquisition of the core assets of Lehman Brothers' U.S. investment banking and capital markets businesses, following Lehman's bankruptcy filing. The acquisition was made at a cost of approximately $1.75 billion. This deal allowed Barclays to significantly enhance its presence in the U.S. financial market, becoming a key player in investment banking globally and further diversifying its business operations during the tumultuous period of the global financial crisis.
On June 27, 2012, Barclays was fined £290 million ($450 million) by U.K. and U.S. authorities for manipulating the London Interbank Offered Rate (Libor). This scandal involved multiple banks dishonestly inflating or deflating their rates to profit from trades or to present a healthier financial profile during the global financial crisis. Barclays' then-chief executive, Bob Diamond, resigned as a result. The scandal highlighted major ethical issues and led to widespread condemnation and reform within the banking industry.
On February 28, 2018, Barclays became the first bank to be charged with a criminal offense in the UK related to a 2008 financial arrangement deal during the financial crisis. The charges were brought by the UK's Serious Fraud Office following an investigation into a £12 billion emergency fundraising deal by Barclays with Qatar. Barclays was accused of several counts of fraud by false representation and unlawful financial assistance. These allegations pointed to underlying systemic governance issues within the bank.
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