57-682: Lombard Street may refer to: Roads [ edit ] Lombard Street, London , England Rue des Lombards , Paris, France Lombard Street, Petworth , shopping street in Petworth United States [ edit ] Lombard Street (San Francisco) , California, steep with hairpin turns Lombard Street (Baltimore) , Maryland Lombard Street (Philadelphia), Pennsylvania See also Lombard Street riot Lombard Street (Portland, Oregon) , part of US 30 Bypass Other uses [ edit ] Lombard Street: A Description of
114-663: A Quaker , and Thomas Gould, started trading as goldsmith bankers in Lombard Street, London . The name "Barclays" became associated with the business in 1736, when Freame's son-in-law James Barclay became a partner. In 1728, the bank moved to 54 Lombard Street, identified by the "Sign of the Black Spread Eagle ", which in subsequent years would become a core part of the bank's visual identity. The Barclay family were connected with slavery, both as proponents and opponents. David and Alexander Barclay were engaged in
171-520: A 4:1 share split. In 2003, Barclays bought the American credit card company Juniper Bank from CIBC , re-branding it as "Barclays Bank Delaware". The same year saw the acquisition of Banco Zaragozano, the 11th-largest Spanish bank. Barclays took over sponsorship of the Premier League from Barclaycard in 2004. In May 2005, Barclays moved its group headquarters from Lombard Street in
228-796: A Barclay, was admitted, and the business then became "Barclay, Bevan, Bening and Tritton". In 1896, twelve houses in London and the English provinces, notably Goslings and Sharpe , Backhouse's Bank of Darlington and Gurney's Bank of Norwich (the latter two of which also had their roots in Quaker families), united to form Barclays and Co., a joint-stock bank, which at its formation held around one quarter of deposits in English private banks. Between 1905 and 1916, Barclays extended its branch network by making acquisitions of small English banks. Further expansion followed in 1918 when Barclays amalgamated with
285-653: A group holding company, renamed Barclays Group Plc, and UK retail banking was integrated under the former BBI, and renamed Barclays Bank PLC from Barclays Bank Limited . In response to the Big Bang on the London Stock Exchange , in 1986 Barclays bought UK stockbroker de Zoete & Bevan and jobbing firm Wedd Durlacher (formerly Wedd Jefferson). They were merged with Barclays Merchant Bank to form Barclays de Zoete Wedd (BZW). Also that year Barclays sold its South African business operating under
342-555: A stake to Sumitomo Mitsui Banking Corporation . Only 19% of shareholders took up their rights leaving investors China Development Bank and Qatar Investment Authority with increased holdings in the bank. Reuters reported in October 2008 that the British government would inject £40 billion (US$ 69 billion) into three banks including Barclays, which might seek over £7 billion. Barclays later confirmed that it rejected
399-524: Is a British multinational universal bank , headquartered in London , England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces its origins to the goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896, twelve banks in London and
456-558: Is an old-fashioned idiom meaning very heavily weighted odds ; "Lombard-street" signifying wealth and "a China orange", poverty. The 'China orange' was used to indicate an item of low value. Lombard Street: A Description of the Money Market is a book by the economics philosopher Walter Bagehot , published in 1873. Bagehot was one of the first writers to describe and explain the world of international and corporate finance, banking, and money in understandable language. The book
513-400: Is different from Wikidata All article disambiguation pages All disambiguation pages Lombard Street, London Lombard Street ( / ˈ l ɒ m b ər d , - b ɑːr d / ) is a street notable for its connections with the City of London 's merchant, banking and insurance industries, stretching back to medieval times. From Bank junction , where nine streets converge by
570-453: Is one-way. At the eastern end of the street, there are a number of modern buildings on both sides, in contrast to the older buildings and architectural styles along much of its length. Built in 1990–92, the former headquarters of Barclays covers a large plot on the north corner of Lombard and Gracechurch streets, and is the largest and tallest building in the immediate vicinity of Lombard Street, at 87 metres (285 ft) high. Addresses on
627-530: The Bank of England , Lombard Street runs southeast for a short distance before bearing left into a more easterly direction, and terminates at a junction with Gracechurch Street and Fenchurch Street . Its overall length is 260 metres (280 yd). It has often been compared with Wall Street in New York City. In 1952, William L. Shirer wrote that in the 1920s "Wall Street was replacing Lombard Street as
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#1732765242181684-711: The Bank of Scotland in exchange for a 25% stake, a transaction that became effective from 1971. Barclays DCO changed its name to Barclays Bank International in 1971. From 1972 until 1980, a minority stake in Banca Barclays Castellini SpA, Milan was owned by the Castellini family. In 1980, Barclays Bank International acquired the remaining stake in Barclays Castellini from the Castellini family. In August 1975, following
741-795: The Barclays National Bank name after protests against Barclays' involvement in South Africa and its apartheid government. Barclays introduced the Connect card in June 1987, the first debit card in the United Kingdom. In 1988, Barclays sold Barclays Bank of California, which at that time was the 17th-largest bank in California measured by assets, to Wells Fargo for US$ 125 million in cash. Edgar Pearce ,
798-808: The City of London to One Churchill Place in Canary Wharf . Also in 2005 Barclays sealed a £2.6bn takeover of Absa Group Limited , South Africa's largest retail bank, acquiring a 54% stake on 27 July 2005. Then in 2006, Barclays purchased the HomEq Servicing Corporation for US$ 469 million in cash from Wachovia Corp. That year also saw the acquisition of the financial website CompareTheLoan and Barclays announcing plans to rebrand Woolwich branches as Barclays, migrating Woolwich customers onto Barclays accounts and migrating back-office processes onto Barclays systems—the Woolwich brand
855-704: The London, Provincial and South Western Bank , and in 1919, when the British Linen Bank was acquired by Barclays, although the British Linen Bank retained a separate board of directors and continued to issue its own banknotes (see Banknotes of the pound sterling ). In 1925, the Colonial Bank , National Bank of South Africa and the Anglo-Egyptian Bank were amalgamated and Barclays operated its overseas operations under
912-663: The Royal Exchange built by Sir Richard's son, Thomas . In 1540 the English parliament passed an act, the Navigation Act 1540 ( 32 Hen. 8 . c. 14), titled An Acte for The Mayntenaunce of the Navye , that required ship owners to post notice of their sailing in Lombard Street: Lloyd's Coffee House , which eventually became the global insurance market Lloyd's of London , moved to Lombard Street near
969-404: The secondary banking crash , Barclays acquired Mercantile Credit Company. Barclays Bank International expanded its business in 1980 to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation. During 1985 Barclays Bank and Barclays Bank International merged, and as part of the corporate reorganisation the former Barclays Bank plc became
1026-512: The "Mardi Gra Bomber", began a terror campaign against the bank and the supermarket chain Sainsbury's in 1994. Barclays bought Wells Fargo Nikko Investment Advisors (WFNIA) in 1996 and merged it with BZW Investment Management to form Barclays Global Investors . Bob Diamond took charge of the investment banking businesses that year. Two years later, in 1998, the BZW business was broken up and
1083-527: The 1990s, Barclays helped to fund President Robert Mugabe 's government in Zimbabwe . The most controversial of a set of loans provided by Barclays was the £30 million it gave to help sustain land reforms that saw Mugabe seize white-owned farmland and drive more than 100,000 black workers from their homes. Opponents have called the bank's involvement a "disgrace" and an "insult" to the millions who have suffered human rights abuses. A Barclays spokesman said
1140-641: The 2nd and 3rd positions, respectively. Barclays operates in over 40 countries, employs over 80,000 people and is the fifth largest bank in Europe by total assets. Barclays UK comprises the British retail banking operations, consumer credit card business, wealth management business, and corporate banking for small, medium and large-sized businesses in the UK. Barclays International consists of Barclays Corporate and Investment Bank (formerly known as Barclays Capital ) and
1197-583: The British-based bank during World War II. Barclays, along with seven French banks, was named in a lawsuit filed in New York on behalf of Jews who were unable to reclaim money they deposited during the Nazi era. In an unusual move as part of the trend at the time for free ISPs , Barclays launched an internet service in 1999 called Barclays.net. This entity was acquired by British Telecom in 2001. In
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#17327652421811254-710: The Consumer, Cards & Payments business. The investment banking business provides advisory, financing and risk management services to large companies, institutions and government clients. It is a primary dealer in Gilts , U.S. Treasury securities and various European Government bonds . The bank's name has never included an apostrophe (Barclay's) in its spelling. It was first registered in 1896 as "Barclay and Company, Limited", changed to "Barclays Bank Limited" in 1917 and to "Barclays Bank PLC" in 1982. Barclays traces its origins back to 17 November 1690, when John Freame ,
1311-722: The EU rules do not apply to its 67%-owned Zimbabwean subsidiary because it was incorporated outside the EU. In August 2000, Barclays took over the recently de-mutualised Woolwich PLC, formerly the Woolwich Building Society, in a £5.4 billion acquisition. Woolwich thus joined the Barclays group of companies, and the Woolwich name was retained after the acquisition. The company's head office remained in Bexleyheath , south-east London , four miles (6 km) from
1368-477: The English provinces, including Goslings Bank , Backhouse's Bank and Gurney, Peckover and Company , united as a joint-stock bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world's first cash dispenser . Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975,
1425-541: The Equity and Corporate Finance Divisions were sold to Credit Suisse First Boston : Barclays retained the debt-focused Fixed Income business and Structured Capital Markets which formed the foundation of the rebranded Barclays Capital ( BarCap ). Barclays Capital had offices in over 29 countries and employed over 20,000 people, with over 7,000 people working in its IT division. In 1998, Barclays Bank agreed to pay $ 3.6m to Jews whose assets were seized from French branches of
1482-643: The General Post Office from Tower Street in 1691. The location, on the south side of the street, is now occupied at street level by a supermarket. Lloyd's is now located in Lime Street , where its current building was completed in 1986. Until the 1980s, most UK-based banks had their head offices in Lombard Street and historically it has been the London home for money lenders. No. 54 was the long-standing headquarters of Barclays before
1539-716: The Government's offer and would instead raise £6.5 billion of new capital (£2 billion by cancellation of dividend and £4.5 billion from private investors). Barclays launched a further round of capital raising, approved by special resolution on 24 November 2008, as part of its overall plan to achieve higher capital targets set by the UK's Financial Services Authority to ensure it would remain independent. Barclays raised £7 billion from investors from Abu Dhabi and Qatar. Existing Barclays shareholders complained they were not offered full pre-emption rights in this round of capital raising, even threatening to revolt at
1596-527: The Money Market , a book by Walter Bagehot Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Lombard Street . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Lombard_Street&oldid=1175888012 " Categories : Disambiguation pages Road disambiguation pages Hidden categories: Short description
1653-404: The UK government, which was offered to boost its capital ratio. Barclays believed that "maintaining its independence from government was in the best interests of its shareholders". In July 2008, Barclays attempted to raise £4.5 billion through a non-traditional rights issue to shore up its weakened Tier 1 capital ratio , which involved a rights offer to existing shareholders and the sale of
1710-625: The US. However, a Barclays spokesman denied the rumours. In February 2008, Barclays bought the credit card brand Goldfish for US$ 70 million gaining 1.7 million customers, and US$ 3.9 billion in receivables. Barclays also bought a controlling stake in the Russian retail bank Expobank for US$ 745 million. Later in the year Barclays commenced its Pakistan operations with initial funding of US$ 100 million. Barclays sought to raise capital privately, avoiding direct equity investment from
1767-856: The Woolwich in 2000 and the North American operations of Lehman Brothers in 2008. Barclays has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index . It has a secondary listing on the New York Stock Exchange . It is considered a systemically important bank by the Financial Stability Board . According to a 2011 paper, Barclays was the most powerful transnational corporation in terms of ownership and thus corporate control over global financial stability and market competition , with Axa and State Street Corporation taking
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1824-529: The bank has had customers in Zimbabwe for decades and abandoning them now would make matters worse, "We are committed to continuing to provide a service to those customers in what is clearly a difficult operating environment". Barclays also provided two of Mugabe's associates with bank accounts, ignoring European Union sanctions on Zimbabwe. The men are Elliot Manyika and minister of public service Nicholas Goche. Barclays has defended its position by insisting that
1881-559: The bank volunteered the names of Jewish employees, as well as ceding an estimated one hundred Jewish bank accounts to the German occupiers. The Paris branch used its funds to increase the operational power of a large quarry that helped produce steel for the Germans. There was no evidence of contact between the head office in London and the branch in Paris during the occupation. Marcel Cheradame
1938-489: The church with Lombard Street and George Yard. Historically, Lombard Street was one of the principal streets (along with Fenchurch Street ) of the ward of Langbourn , forming the core of the ward's West division. Boundary changes in 2003 and 2013 have resulted in most of the northern side remaining in Langbourn, whilst the southern side is now largely in the ward of Candlewick . The changes of 2013 now mean that all of
1995-497: The closure of their operation in Peterborough and its re-siting to Glasgow, laying off nearly 900 members of staff. On 30 August 2007, Barclays was forced to borrow £1.6 billion (US$ 3.2 billion) from the Bank of England sterling standby facility. This is made available as a last-resort when banks are unable to settle their debts to other banks at the end of daily trading. Despite rumours about liquidity at Barclays,
2052-496: The company changed its plans to build only a sub-surface ticket hall and lift entrance in the crypt of the church. This necessitated moving the bodies elsewhere, strengthening the crypt with a steel framework and underpinning the church's foundations. The church of St Edmund, King and Martyr also stands on the street, on the north side close to Gracechurch Street. Destroyed during the Great Fire of London in 1666, St Edmund's
2109-547: The consortium led by Royal Bank of Scotland Group free to proceed with its counter-bid for ABN AMRO. To help finance its bid for ABN AMRO, Barclays sold a 3.1% stake to China Development Bank and a 3% stake to Temasek Holdings , the investment arm of the Singaporean government. Also in 2007, Barclays agreed to purchase Equifirst Corporation from Regions Financial Corporation for US$ 225 million. That year also saw Barclays Personal Investment Management announcing
2166-464: The corner with Mansion House Place. In old literature, it is generally written as "Lombard-street". The spacing and the capitalisation of Street were not common in British English until the second half of the 20th century. In his diary of the 1660s, Samuel Pepys mentions "Lumbard street" many times; there is a chart with links to these references. "All Lombard Street to a China orange"
2223-473: The coronation of Edward VII in 1902. From 1678 to 1829, the General Post Office had its headquarters on Lombard Street; this is now commemorated by the side-street's name of Post Office Court. The expense of continuously expanding the post office site in the middle of the financial district, however, eventually necessitated a move to St Martins-le-Grand . The slums at the site were cleared in
2280-492: The early 19th century and the General Post Office East was constructed. St Mary Woolnoth is situated on the corner of Lombard Street and King William Street, and continues to be an active parish church . The City & South London Railway had obtained permission to demolish the 18th-century church and build a station (originally proposed to be named "Lombard Street") on the site. After public protest,
2337-649: The eastern side of the Walbrook valley. At its junction with Gracechurch Street it is at an elevation of 16.7 metres (55 ft), whilst at its junction at Bank it is at 13.5 metres (44 ft). Side streets and alleys run towards Cornhill to the north, and Cannon Street to the south. Running north are Pope's Head Alley, Change Alley, Birchin Lane and George Yard. Heading south are St Swithin's Lane, Post Office Court, Abchurch Lane, Nicholas Lane, Clement's Lane and Plough Court. Lombard Street has its origins in one of
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2394-560: The extraordinary meeting. Sheikh Mansour and Qatar Holding agreed to open up £500 million of their new holdings of reserve capital instruments for clawback . Existing investors now took this up. Bob Diamond led the effort to purchase the North American business of Lehman Brothers after its bankruptcy in September 2008, securing Barclays a presence in U.S. Equities and Investment Banking. On 16 September 2008, Barclays announced its agreement to purchase, subject to regulatory approval,
2451-438: The financial capital of the world." Lombard Street, since the construction of King William Street , has two distinct sections. The short section between Bank junction and the church of St Mary Woolnoth is relatively wide, and carries two-way traffic including several bus routes , which continues along King William Street. Lombard Street bears to the east and the remainder is much narrower (retaining its medieval character) and
2508-492: The financial institution moved in 2005 to One Churchill Place at Canary Wharf . No. 71 was the headquarters of Lloyds Bank , and No. 60 was the headquarters of the Trustee Savings Bank (TSB). Lombard Street has a number of colourful signs hanging from the buildings, depicting (mostly historic) organisations and buildings once located there. Having previously been banned, the present-day signs were erected for
2565-426: The loan was necessary due to a technical problem with their computerised settlement network. A Barclays spokesman was quoted as saying "There are no liquidity issues in the U.K markets. Barclays itself is flush with liquidity." On 9 November 2007, Barclays shares dropped 9% and were even temporarily suspended for a short period of time, due to rumours of a £4.8 billion (US$ 10 billion) exposure to bad debts in
2622-542: The main Roman roads of Londinium . It later formed a plot of land granted by King Edward I (1272–1307) to the so-called Lombard bankers , merchants and lenders from northern Italy (a larger area than the modern Lombardy region). In 1537 Sir Richard Gresham suggested to Lord Privy Seal , Thomas Cromwell that they "make a goodely Bursse in Lombert-streete, for marchuants to repayer unto". From this originated
2679-498: The name Barclays Bank (Dominion, Colonial and Overseas)—Barclays DCO. In 1938, Barclays acquired the first Indian exchange bank, the Central Exchange Bank of India, which had opened in London in 1936 with the sponsorship of Central Bank of India . In 1941, during the German occupation of France , a branch of Barclays in Paris, headed by Marcel Cheradame, worked directly with the invading force. Senior officials at
2736-522: The original head office in Woolwich . Barclays closed 171 branches in the UK in 2001, many of them in rural communities: Barclays called itself "The Big Bank", but this name was quickly given a low profile after a series of embarrassing PR stunts. On 31 October 2001, Barclays and CIBC agreed to combine their Caribbean operations to establish a joint venture company known as FirstCaribbean International Bank (FCIB). In April 2002, Barclays enacted
2793-457: The slave trade in 1756. David Barclay of Youngsbury (1729–1809), on the other hand, was a noted abolitionist , and Verene Shepherd , the Jamaican historian of diaspora studies , singles out the case of how he chose to free his slaves in that colony . In 1776, the firm was styled "Barclay, Bevan and Bening" and remained so until 1785, when another partner, John Tritton, who had married
2850-458: The southern side of the street, with the notable exception of the guild— or ward—church of St Mary Woolnoth, is in Candlewick (from 2003 to 2013 Candlewick extended only to Abchurch Lane). Also with the 2013 changes, the ward of Walbrook now includes the northern side from No. 68 to Bank junction. Prior to 2003 and again since 2013 Walbrook includes the far western corner of Lombard Street, on
2907-510: The street are numbered 1 to 40 along the south side, running from Bank to Gracechurch Street, then 41 to 82 along the north side, from Gracechurch Street to Bank. The postcodes for the street start with EC3V . The nearest London Underground stations to Lombard Street are Bank and Monument ; one of the numerous entrances to Bank station is on Lombard Street itself. Mainline railway stations at Cannon Street and Fenchurch Street are also close by. The street runs downhill towards Bank, being on
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#17327652421812964-519: The world's first cash machine , in Enfield ; Barclays Bank, Enfield . The British actor Reg Varney was the first person to use the machine. In 1969, a planned merger with Martins Bank and Lloyds Bank was blocked by the Monopolies and Mergers Commission , but the acquisition of Martins Bank on its own was later permitted. Also that year, the British Linen Bank subsidiary was sold to
3021-516: Was born at No. 32 in 1688. Maria Beadnell , whom the future novelist Charles Dickens courted between 1830 and 1833, lived at No. 2 until her marriage in 1845. CSM Horace Crabtree, Military Medal Recipient, and family lived at a property formally designated No. 37 Lombard St between 1950 and 1960. 51°30′45″N 0°05′13″W / 51.5125°N 0.0869°W / 51.5125; -0.0869 Barclays Barclays plc ( / ˈ b ɑːr k l i z / , occasionally /- l eɪ z / )
3078-539: Was in part a reaction to the 1866 collapse of Overend, Gurney and Company , a bank headquartered at No. 65, Lombard Street. Karl Marx mentions Lombard Street in reference to credit and banking in Das Kapital . Gregory de Rokesley, eight-times Lord Mayor of London from 1274 to 1281 and in 1285, lived in a building on the site of what is now No. 72 Lombard Street, and in Pope's Head Alley. The poet Alexander Pope
3135-514: Was kept as the branch manager until he retired in the sixties. In May 1958, Barclays was the first UK bank to appoint a female bank manager. Hilda Harding managed Barclays' Hanover Square branch in London until her retirement in 1970. In 1965, Barclays established a US affiliate, Barclays Bank of California, in San Francisco . Barclays launched the first credit card in the UK, Barclaycard , in 1966. On 27 June 1967, Barclays deployed
3192-489: Was rebuilt during the 1670s by Christopher Wren . It is no longer used for regular worship, though, and now performs service as the London Centre for Spirituality. A third church existed, until its demolition in 1937, near the junction of Gracechurch Street, known as All Hallows Lombard Street . The site now forms part of the plot occupied by the former Barclays bank. Ball Alley (which also no longer exists) connected
3249-833: Was to be used for Barclays mortgages. Barclays also exited retail-banking operations in the Caribbean-region which extended as far back as 1837 through selling of its joint venture stake in FirstCaribbean International Bank (FCIB) to CIBC for between $ 989 million and $ 1.08 billion. In March 2007, Barclays announced plans to merge with ABN AMRO , the largest bank in the Netherlands. However, on 5 October 2007 Barclays announced that it had abandoned its bid, citing inadequate support by ABN shareholders. Fewer than 80% of shares had been tendered to Barclays' cash-and-shares offer. This left
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