Remember this date: November 17, 1690. That’s where our story about Barclays begins. John Freame and Thomas Gould started a goldsmith banking business in London. They were Quakers.
Barclays flourished due to its Quaker connections. The bank financed Quaker traders in America and the Caribbean. They helped finance the Pennsylvania Land Company. They also worked with Quaker-dominated companies. One such company was the London Lead Company.
In 1728, Joseph Freame became a partner. James Barclay joined in 1733. He married Freame’s daughter. Family, religion, and business were linked. James’s grandfather, Robert Barclay, was “The Apologist”. He wrote a book explaining Quaker beliefs.
Though David Barclay Senior didn’t join the bank, his sons did. They amassed fortunes. However, Quakers who went bankrupt were disowned. So, they strived for profitability. David Barclay the younger became a partner in 1776. He actively opposed slavery. He freed slaves on his Jamaican plantation. It cost him £3,000.
Barclay was Benjamin Franklin’s friend. He tried to mediate between America and Britain in 1774 and 1775. He shifted business interests away from North America. Quaker business connections spanned the Atlantic.
Country banks emerged outside London. Samuel Alexander, a Quaker merchant, started one in 1744. Customers trusted him because of his faith. He used Barclays as his London agent. Alexander’s merged with Gurney’s. Gurney’s started with the Norwich and Norfolk bank in 1775. The Gurney brothers were cloth merchants. Banking became more profitable. Gurney’s expanded.
Some Gurneys struggled to reconcile their faith with their wealth. Joseph John Gurney became a plain Friend. He dedicated his life to banking, religion, and good causes. He campaigned against slavery and for prison reform.
In 1896, several Quaker families joined forces. They formed Barclay and Company Limited. Most partners had drifted from the Quaker lifestyle. But they kept the image of trustworthiness. This was advantageous for Barclays.
Barclays’ name never included an apostrophe in its spelling. It registered as “Barclay and Company, Limited” in 1896. It changed to “Barclays Bank Limited” in 1917. Then it became “Barclays Bank PLC” in 1982.
Between 1905 and 1916, Barclays expanded its branch network. In 1918, Barclays merged with the London, Provincial and South Western Bank. In 1919, it acquired the British Linen Bank.
In 1966, Barclays launched Barclaycard, the first UK credit card. In 1967, Barclays deployed the world’s first cash machine in Enfield. The British actor Reg Varney was the first person to use it.
Barclays has a primary listing on the London Stock Exchange. It is a constituent of the FTSE 100 Index. It operates in over 40 countries. Barclays employs over 80,000 people. It’s the fifth-largest bank in Europe by total assets.
Today, Barclays operates as two divisions. Barclays UK and Barclays International. These divisions are supported by Barclays Execution Services.
From its humble origins to its current global presence, Barclays has a rich history. Its Quaker roots shaped its early values. It played a key role in financial innovation. Barclays continues to evolve.