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Barclays creates an ‘iron clad’ separate bank entity post crisis

Prior to the Easter weekend, Barclays staff were members and employees of an institution more than 300 years old.

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However as of yesterday on their return to work, 30,000 of these staff will now be employed by what the boss described as the ‘biggest bank start up that ever existed’.  The reason behind this is that Barclays has this week become the first UK bank group to start its own ‘ring fenced’ bank, known as Barclays Bank UK PLC.  This is a function of the banks post finance crisis action plan that has been more complex than making preparations for Brexit said CEO Jes Staley. It will operate alongside Barclays Bank PLC but independently from it, though both entities come under the banner of Barclays PLC and are both supported by the group service company.

As part of this plan Barclays has moved over 23 million customer accounts and £250 billion of Assets into the new bank which has its own predetermined capital requirements and a dedicated board of directors.

The move has taken more than 3 years of work and involved more than 1900 staff and was taken to allow the bank to ‘focus even more’ on their customers and clients and delivering good returns to customers.

A bank source said there is no easy opportunities that have been created by the new legislation, that is a myth that is not backed up by facts. The new regulations have been designed to prevent a scenario whereby tax payers end up having to fund rescue measures for giant banks when problems with greater risk banks could put at risk ‘average customer’ deposits. Barclays also has hopes that the new bank setup will help its UK business flourish with renewed vigor and help it to strengthen Small business banking facilities and also its other private finance managing facilities.

FInance and Accounting Graduate who studied at Sheffield Hallam University just a handful of years ago.. Topped off with 20 years in the internet business and an avid follower of money matters and all things financial.
In my spare time I love anything aviation related and a variety of sports and outdoor pursuits.

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