Barclays PLC
Company History
Barclays History: Founding, Growth & Key Milestones
Founded 1690 in Lombard Street, United Kingdom
When was Barclays founded?
Barclays was founded in 1690 in Lombard Street, United Kingdom by John Freame and Thomas Gould, making it 336 years old.
- Founded
- 1690
- Founding place
- Lombard Street, United Kingdom
- Founders
- John Freame and Thomas Gould
- Headquarters today
- London, United Kingdom
- Milestones documented
- 12 (1690–2024)
- Current CEO
- C.S. Venkatakrishnan
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1690 | Founding on Lombard Street |
| 1736 | Adoption of the Barclays Name |
| 1896 | Transition to a Joint-Stock Bank |
| 1960 | International Expansion and Credit Cards |
| 1967 | First Cash Machine |
| 1986 | The 'Big Bang' and Investment Banking |
| 2000 | Acquisition of The Woolwich |
| 2008 | The Lehman Brothers Acquisition |
| 2009 | Barclays Global Investors Sold to BlackRock |
| 2012 | The LIBOR Manipulation Scandal |
| 2017 | Spin-off of African Operations |
| 2024 | Sale of US Consumer Bank to Equifax |
- Where was Barclays founded?
- Barclays was founded in Lombard Street, United Kingdom in 1690. wikidata.org
- Who founded Barclays?
- Barclays was founded by John Freame and Thomas Gould.
- When did Barclays start?
- Barclays was founded in 1690.
- How old is Barclays?
- Barclays is 336 years old as of 2026.
Founding Story
The bank's history dates back to 1690 when John Freame and Thomas Gould started a goldsmith banking business on Lombard Street in London. The name 'Barclays' actually comes from John's son-in-law, James Barclay, who became a partner in 1736. For hundreds of years, it was a conservative Quaker bank. However, their true defining moment in modern history occurred in 2008. While the global financial system was collapsing, Barclays swooped in and bought the North American operations of Lehman Brothers for a fraction of its value, pulling off one of the greatest heists in banking history.
Founders
John Freame
The founding of Barclays is not a single event, but an aristocratic consolidation of historic Quaker banking families in the heart of London. The lineage of the bank traces back to 1690, when John Freame, a goldsmith, and his partner Thomas Gould began operating as 'goldsmith bankers' on Lombard Street in London. (At the time, before modern banking goldsmiths were trusted to hold physical gold and issue promissory notes, which evolved into modern banknotes). In 1736, John Freame's son-in-law, James Barclay, joined the partnership, officially attaching the 'Barclay' name to the enterprise. The defining characteristic of these early bankers was their Quaker faith. Quakers were legally excluded from attending universities or holding public office in Britain, forcing them heavily into commerce and finance. Their strict religious principles emphasizing honesty, temperance, and community trust made them reliable bankers, and the Quaker families formed interconnected financial networks across Britain. The true 'founding' of the modern Barclays corporation, however, occurred in 1896. Recognizing that small, regional family banks could not survive the rapid industrialization of Britain and the rise of joint-stock banks, 20 distinct private banking businesses (many of them Quaker-owned, including the original Barclay & Company, the Gurney family bank, and the Backhouse family bank) executed a merger. They combined their operations to form Barclay and Company Limited, a very large new entity with 182 branches across the country. This 1896 merger created the retail banking foundation that allowed Barclays to dominate the British high street for the next century, funding the expansion of the British Empire before eventually transforming into the global conglomerate it is today. (Exact birth year remains publicly undisclosed).
Thomas Gould
Thomas Gould (1663 to 1731) was a respected Quaker goldsmith and the indispensable co-founder of the partnership that laid the genesis of Barclays PLC. Working in lockstep with John Freame Gould was instrumental in establishing the firm's presence on Lombard Street in 1690, transforming a modest goldsmith's shop into a critical node in the emerging financial infrastructure of the British Empire. While Freame often handled the broader strategic vision and the cultivation of the Quaker network Gould was the operational anchor and the technical expert in metallurgy and assaying. His deep understanding of the physical gold trade, combined with his extensive network within the Quaker merchant community, provided the firm with the initial capital and commercial credibility required to survive the volatile economic conditions of the late 17th century. Gould's partnership was characterized by a shared commitment to the Quaker principles of integrity, fair dealing, and meticulous record-keeping. These values were not merely moral imperatives; they were effective commercial strategies in an era where counterparty risk was a constant threat. By ensuring that every transaction was backed by verifiable assets and executed with unimpeachable honesty, Gould and Freame created a level of trust that allowed their bank to flourish while less scrupulous competitors failed during periodic financial panics. Gould's early contributions were essential in forging the resilient, operationally disciplined foundation that allowed the firm to eventually evolve from a private goldsmithing partnership into a global joint-stock banking leader. (Exact birth year remains publicly undisclosed).
Key Milestones
Founding on Lombard Street
Quaker goldsmiths John Freame and Thomas Gould open their banking partnership on Lombard Street in the City of London, laying the foundational bedrock of modern commercial banking by issuing promissory notes and safeguarding merchant wealth.
Source: en.wikipedia.orgAdoption of the Barclays Name
James Barclay, the son-in-law of John Freame, is admitted to the partnership, and the firm officially adopts the Barclays name, setting the stage for its future dominance and expansion into financing the British industrial revolution.
Source: en.wikipedia.orgTransition to a Joint-Stock Bank
In a cultural and legal shift for the conservative Quaker leadership, Barclays transitions from a private partnership with unlimited liability to a joint-stock company, allowing it to raise the capital required to expand its branch network across the UK.
Source: en.wikipedia.orgInternational Expansion and Credit Cards
Barclays expands its international footprint, opening branches across Europe and the Americas, and becomes a pioneer in the UK consumer credit market by launching one of the first bank-issued credit cards, altering British consumer spending habits.
Source: en.wikipedia.orgFirst Cash Machine
Barclays installed the first cash machine at its Enfield branch in north London in June 1967.
Source: en.wikipedia.orgThe 'Big Bang' and Investment Banking
Following the deregulation of the London Stock Exchange, Barclays expands its securities trading and corporate advisory capabilities, transitioning from a traditional commercial bank into a strong player in the global capital markets.
Source: en.wikipedia.orgAcquisition of The Woolwich
Barclays acquires The Woolwich, the UK's second-largest building society, in a $5.7 billion deal, instantly cementing its dominance in the British mortgage market and significantly expanding its retail deposit base.
Source: en.wikipedia.orgThe Lehman Brothers Acquisition
In a frantic weekend rescue during the height of the global financial crisis, Barclays acquires the North American operations of the collapsed Lehman Brothers, instantly transforming the bank into a global bulge-bracket investment bank.
Source: en.wikipedia.orgBarclays Global Investors Sold to BlackRock
Barclays sold Barclays Global Investors to BlackRock in 2009 for about $13.5 billion.
Source: en.wikipedia.orgThe LIBOR Manipulation Scandal
Barclays is hit with nearly $500 million in fines by global regulators for its role in manipulating the LIBOR benchmark interest rate, leading to the resignation of the CEO and Chairman and forcing a complete overhaul of the bank's compliance culture.
Source: en.wikipedia.orgSpin-off of African Operations
Barclays completes the demerger of its African retail banking operations into the independent Absa Group, retreating from emerging market retail banking to focus on its core UK and global corporate franchises.
Source: en.wikipedia.orgSale of US Consumer Bank to Equifax
Barclays executes an effective strategic purification by selling its US consumer credit card portfolio to Equifax, shedding low-return, capital-intensive assets to focus on high-yielding corporate lending and top fixed-income trading.
Source: en.wikipedia.orgMajor Acquisitions
The Woolwich
2000Barclays acquired The Woolwich, the UK's second-largest building society, in a $5.7 billion deal to instantly cement its dominance in the British mortgage market and significantly expand its retail deposit base, defending its market share against aggressive competitors like HBOS.
Absa Group (Majority Stake)
2005Barclays acquired a majority stake in the South African financial services group Absa (then Amalgamated Banks of South Africa) to establish a dominant retail and corporate banking footprint in the rapidly growing African continent, using its expertise in emerging market banking.
Lehman Brothers North America
2008In a frantic weekend rescue during the height of the global financial crisis, Barclays acquired the North American investment banking and trading operations of the collapsed Lehman Brothers. The purpose was to instantly acquire an US balance sheet, top technology infrastructure, and thousands of top-tier investment bankers, transforming Barclays into a global bulge-bracket leader.
ING Direct UK
2012Barclays purchased the UK operations of ING Direct for $952 million to acquire a high-quality portfolio of retail savings deposits and a rapidly growing online banking customer base, further strengthening its retail funding franchise in the aftermath of the European sovereign debt crisis.
Keep researching Barclays
Barclays Company History FAQ
What were the major historical eras in Barclays' 330+ year history from 1690 to 1986?
Founded in 1690 by goldsmith bankers on Lombard Street, Barclays amalgamated 20 private Quaker banks in 1896, launched the UK's first credit card (Barclaycard) in 1966, installed the world's first ATM in 1967, and formed BZW during the 1986 Big Bang.
How did Barclays handle the 2008 Global Financial Crisis without UK government bailout equity?
Unlike domestic rivals RBS and Lloyds that required large UK government taxpayer bailouts in 2008, Barclays raised ~$9.64 billion (£7.3 billion) in private capital from Middle Eastern sovereign investors (Qatar and Abu Dhabi), preserving commercial independence and acquiring Lehman Brothers' U.S. business.
What occurred during the 2012 Libor benchmark settlement and executive leadership change?
In June 2012, Barclays paid a ~$383 million (£290 million) settlement to UK and U.S. regulators regarding historic interbank lending rate (Libor) submissions, leading to the resignations of Chairman Marcus Agius and then-CEO Bob Diamond, and initiating a multi-year ethics transformation under Antony Jenkins.
How did Barclays defeat activist investor Edward Bramson's campaign from 2018 to 2021?
Activist investor Edward Bramson (Sherborne Investors) acquired a 5.5% stake in Barclays in 2018, demanding the bank dismantle and sell its Investment Bank; CEO Jes Staley and the Board rallied institutional shareholders to defeat Bramson's board bid, leading Sherborne to sell its entire stake in 2021.
When did C.S. Venkatakrishnan become CEO of Barclays?
C.S. Venkatakrishnan was appointed Group Chief Executive of Barclays on November 1, 2021, successfully handling the macroeconomic interest rate hiking cycle and spearheading a multi-billion-pound operational restructuring.
What occurred during Barclays' Investor Update in February 2024?
In February 2024, Barclays unveiled its comprehensive three-year strategic plan, reorganizing into five business divisions, agreeing to acquire Tesco Bank, targeting ~$2.64B (£2B) in cost cuts, and pledging over $13.2 billion (£10 billion) in capital distributions to shareholders by 2026.
How did Barclays mark its long-standing commercial partnership with the Premier League?
Barclays served as the title sponsor of the English Premier League from 2001 to 2016 and remains the Official Banking Partner of the Premier League and title sponsor of the Women's Super League, creating large global brand recognition.
What are Barclays' primary strategic priorities across its universal bank for 2025 and beyond?
Barclays focuses on achieving a Return on Tangible Equity (RoTE) > 12%, reallocating capital to UK Corporate and Wealth banking, completing the Tesco Bank integration, delivering ~$2.64B (£2B) in structural cost efficiencies, and returning ~$13.2B (£10B)+ to shareholders.
When was Barclays founded?
Barclays traces its roots all the way back to 1690 in London, originally operating as a goldsmith banking business founded by John Freame and Thomas Gould.
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