Barclays PLC (LSE: BARC, NYSE: BCS) is a British multinational banking and financial services company headquartered in London, United Kingdom. It has operations in over 50 countries and territories across Africa, Asia, Europe, North America and South America and around 48 million customers.
Built as the home court of the rechristened Brooklyn Nets, Barclays Center is the first installment of the immense, $4.9 billion Atlantic Yards development, which could yield as many as 16 towers in the next 25 years. It also brings big-league sports back to Brooklyn for the first time since its beloved Dodgers were uprooted to Los Angeles in 1957. Not that everyone is happy about this. Barclays' opening comes after nine years of legal struggles between the developer, Forest City Ratner, and what is often called Brownstone Brooklyn, the polyglot mix of residents who populate the borough's rebounding neighborhoods from Dumbo to Bed-Stuy. Though their dispute was ostensibly over prosaic zoning matters, such as traffic and bulk, Barclays was really a battle for the soul of Brooklyn: Would the borough remain an unruly hipster refuge - the archetypal Bobo paradise - or succumb to the sleek, sanitizing forces of Manhattanization?
Barclays and the Premier League have agreed a new three-year deal for Barclays to continue as the global title sponsor of the Barclays Premier League to 2016. The deal, with a value of £40m a season to the Premier League, will run for three seasons from 2013/14 to the end of the 2015/16 season. The agreement includes the global title sponsorship of the Premier League and exclusive worldwide marketing rights, UK and international TV programme accreditation, extensive advertising rights, match day tickets and hospitality as well as joint community activity.
Total assets increased to £1,631bn (2011: £1,564bn), reflecting increases across a number of asset categories, notably a £19bn increase in cash and balances at central banks, a £23bn increase in loans and advances to customers (primarily in relation to settlement balances) and a £21bn increase in reverse repurchase agreements. These were partially offset by a £21bn reduction in derivative financial instrument assets.
The investigation is still in its early days, but experts say it is likely to drag on for years. Authorities could arrest traders this year, and more cases against big banks are expected. Earlier this year, Barclays agreed to pay $450 million to settle accusations that it had reported false rates.
The problems continue to mount for Barclays, as the British bank disclosed that it was facing a number of lawsuits related to the Libor rate-rigging scandal and that regulators were investigating the company’s financial director on a different matter. The bank’s legal and regulatory burdens have been a continued source of financial pain. In July 2012, Barclays reported that net profit dropped 76 percent to $752 million during the first six months of 2012, after taking an accounting charge on its debt and a charge for inappropriately selling complex financial products to small businesses.
Bob Diamond has quit Barclays as the Libor rate fixing scandal escalated to new heights. He blamed the 'external pressure' that has build up on Barclays in recent days -- after MPs called for his resignation, and the government announced an inquiry into the affair.
The ballooning interest rate manipulation scandal at Barclays, coupled with stock market instability, is likely to fuel fresh doubts about the integrity of the stock market, insiders said. “Every time people begin to gain a little confidence, something else comes up,” said Randy Frederick, managing director of active trading and derivatives at Charles Schwab. “If it’s not Europe, it’s [troubled] IPOs, or JPMorgan or Barclays. Something new blows up and people say, ‘I knew it was rigged.’"
Damning evidence has emerged, in documents detailing a settlement between Barclays and regulators in America and Britain, that employees at the bank and at several other unnamed banks tried to rig the number (LIBOR) time and again over a period of at least five years.
Barclays Capital works with conglomerate corporations, large institutions and government sectors to advise it on investment financing and risk management. Following the September 2008 acquisition of Lehman Brothers, Barclays Capital now has offices in 29 countries, with over 20,000 employees and another 7,000 IT personnel.
The spread eagle emblem has featured prominently throughout the history of Barclays. In the late seventeenth century a goldsmith-banker called John Freame was living in the City of London. The exact date when he started his business is not known, but in 1690 he was a partner in a banking business which traded at premises in Lombard Street.