When was barcap formed

Jenkins and Reid had formed the backbone of BarCap's credit research effort and between them had put in over 25 years' service. At BarCap, Jenkins, Reid and their credit research team were consistently ranked as one of the best in Europe. Deutsche's head of global markets research, David Folkerts-Landau, says he is thrilled to welcome the pair, who 'stand head-and-shoulders above their peers in the fundamental strategy domain'.

Their arrival will also bolster Deutsche's credit research, following a number of senior departures. Yet the joint defection to Deutsche will be a double blow for BarCap as insiders there say the decision to appoint Howard as global head instead of Jenkins was 'far from unanimous' among management at the top of the investment bank. Unlimited access to Euromoney. Free Trial Login. Subscribe Login. The material on this site is for financial institutions, professional investors and their professional advisers.

It is for information only. Private banking businesses were commonplace in the 18th Century, keeping their clients' gold deposits secure and lending to credit worthy merchants. In , 20 of them formed a new joint- stock bank. The leading partners of the new bank, which was named Barclay and Company, were already connected by a web of family, business and religious relationships. The company became known as the Quaker Bank, because this was the family tradition of the founding families.

It expanded its branch network rapidly by taking over other banks, including Bolithos in Cornwall and the South West in and United Counties Bank in the Midlands in By the bank had 1, outlets. The development of today's global business began in earnest in , with the merger of three banks - the Colonial Bank , the Anglo Egyptian Bank and the National Bank of South Africa , to form Barclays international operations.

In , Barclays became the first foreign bank to file with the U. Securities and Exchange Commission and raise long-term capital on the New York market. In it became the first British bank to have its shares listed on the Tokyo and New York stock exchanges. Barclays global expansion was given added impetus in with the creation of an investment banking operation. This developed into Barclays Capital. In July , Barclays completed the acquisition of Banco Zaragozano , one of Spain's largest private sector banking groups, which was founded in They were also the closest thing the Quakers had to an official banker, holding the Society Of Friends' central funds known as the national stock.

Beyond his bank, John Freame was a very well-respected and influential character. He served as clerk to the Yearly Meeting the Quakers' annual gathering attended by local representatives from all over the country , and published a book called 'Scripture Instruction' which was used in Quaker schools. He also campaigned for greater toleration for the Quakers, achieving the right to make an affirmation rather than swear an oath, and the right to be prosecuted before magistrates rather than in the church courts.

James was the son of David Barclay by his first wife, Ann. This rather complicated state of affairs meant that James Barclay's stepmother was also his sister-in-law, but is quite typical of the way the Quakers ran their lives and businesses.

Family, religious and business ties were inextricably linked. James Barclay had a strong business and Quaker background. By this time, the partners were amassing fortunes which may have seemed at odds with the Quaker principles of simple and plain living, but it is important to remember that a Quaker who went bankrupt was disowned by the Society.

While the fear of bankruptcy may have spurred the Barclays on to ever greater profitability, they still had not lost sight of other Quaker virtues. David Barclay the younger, who became a partner in the bank in , was a very active Quaker. A keen supporter of the emancipation campaigner Wiilliam Willberforce, he used his influence to persuade other Quakers to take a stronger stand for the abolition of slavery.

Later, David Barclay found himself the owner of a slave plantation in Jamaica in settlement of a debt. Barclay was also well-respected in the wider community. A close friend of Benjamin Franklin, he attempted to mediate between the rebellious colonists in America and the British government in and He must have suspected the worst, however, because he had been redirecting his own business interests away from North America for some time.

It would appear that even the span of the Atlantic Ocean could not disrupt Quaker business connections - the large number of Friends who settled in America made sure that their British cousins were kept well informed.

While banks in London were thriving, banking in the rest of England was only just beginning. One of the earliest 'country banks' in Barclays history is that established in by Samuel Alexander in Needham Market in Suffolk. Alexander was a Quaker merchant with interests in the iron and corn trade. In what was to become a regular pattern in rural areas and market towns all over England, Alexander was perceived by his customers to be a trustworthy, reliable and relatively wealthy man, so they felt happy entrusting their money to his care.

His faith undoubtedly played an important part in forming this opinion, and it also meant that he had access to the Friends' business network, so was able to call upon the Barclays to act as his London agent. They had made their money as worsted, linen and yarn merchants. As banking became more profitable than cloth, their business expanded and they established partnerships in Great Yarmouth, Kings Lynn, Wisbech, Fakenham, Ipswich, Colchester and Halesworth.

By , the Gurneys were described as 'exercising an influence and a power inferior to that of no banking establishment in Great Britain - that of the Bank of England alone excepted'. Like many successful Quakers, some of the Gurneys found it difficult to reconcile their faith with their wealth. Like his sister, Elizabeth Fry, he campaigned for prison reform. He also campaigned against slavery, and in went on a three year ministering tour of the West Indies and America, giving away one third of his share of the Bank's profits for the duration.