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Business structure

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About us

Business structure

Barclays operates two clearly defined businesses: Barclays UK and Barclays International

The future structure of Barclays

Barclays is a transatlantic consumer, corporate and investment bank with global reach, offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

Both divisions, Barclays UK and Barclays International, will be supported by a Group Service Company, which houses the majority of Barclays’ Group Functions and the Chief Operating Office, including Operations and Technology. Barclays strategy is to focus on our strength as a transatlantic consumer, corporate and investment bank. The Group will be anchored in the two financial centres of the world, London and New York.

Jes Staley, Group Chief Executive Officer

Barclays UK 

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 24 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. Barclays will, subject to approval, set up its ring-fenced bank in the first half of 2018, into which Barclays UK will transfer.

Barclays International 

Barclays International is a diversified transatlantic business, which comprises of; our sizeable Corporate Banking business, which is market-leading in the UK and has strong international growth opportunities, our top tier Investment Bank, Barclaycard: our highly profitable and growing business outside of the UK, our leading payments capability through both Corporate Banking and Barclaycard and our Private Bank and Overseas Services. Barclays International has scale in wholesale banking and consumer lending, strength in our key markets, excellent growth potential, and good balance in its revenue streams, delivering further resilience and diversification.

The Group Service Company, Barclays Services Limited

The Group Service Company will be a key part of the Barclays Group and the primary supplier of critical services across the Group. It will also be a driver for the implementation of Barclays’ COO strategy and support the creation of centres of excellence for the delivery of services within the Barclays Group.

Our objective is to maintain solid investment grade ratings. Further, we intend to create as much stability in the ratings of Barclays PLC and Barclays Bank PLC as we can – both before and after the implementation of ring-fencing

Frequently asked questions (FAQs)

What is ring-fencing?

Ring-fencing of essential retail banking services is one of the reforms brought in by the UK government, aiming to strengthen the UK financial system following the financial crisis that began in 2008.

Ring-fencing legislation requires each of the larger UK high street banks, including Barclays, to separate certain retail and smaller corporate banking activity and products, like savings accounts, current accounts and payments, from more complex, wholesale and investment banking activity and from certain activities outside of the European Economic Area. The separation has to be completed by 1 January 2019.

Barclays will satisfy this requirement by setting up a new bank in the first half of 2018, which will be separate from Barclays Bank PLC. The two entities will operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC.

The separation will be achieved by transferring the current Barclays UK division of Barclays Bank PLC into the new ring-fenced bank, which will offer everyday business and personal banking services in the UK to retail customers and smaller corporate business banking.In addition, the Prudential Regulation Authority requires banks to demonstrate “operational continuity” of their “critical services”. Critical services are the infrastructure services that a Bank’s businesses require to operate. Operational continuity is a requirement to ensure that provision of these critical services is robust and capable of continuing through a period of financial difficulty that a bank may face. The Group Service Company will deliver critical services to the Barclays Group and its divisions (Barclays UK and Barclays International). In the US, Barclays implemented a new corporate structure in July 2016 with the launch of an Intermediate Holding Company (IHC), which is a bank holding company that sits beneath Barclays Bank PLC and consolidates Barclays’ US subsidiaries.

The IHC is an umbrella holding company for the Bank’s US subsidiaries, and is subject to Federal Reserve prudential standards to ensure safety and soundness, particularly around capital, liquidity and risk management.

What does Structural Reform mean for Barclays’ customers and clients?

Barclays strategy is to focus on its strength as a transatlantic consumer, corporate and investment bank with global reach. Barclays announced in March 2016 that it would be organised into two clearly defined divisions, Barclays UK and Barclays International. Both will be supported by a Group Service Company, which houses the majority of Barclays’ Group Functions, including Operations and Technology. This has enabled Barclays to accelerate its strategy and simplify the Group as well as helping prepare us for ring-fencing requirements, which come into effect on the 1st January 2019. This has no immediate impact on customers or clients we will contact our customers and clients in good time if they are affected.

Related links

Investor Relations Investor Relations Jes’s Strategy Update videoJes’ strategy update video
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