Barclays UK is one of the top Financial Banking Service Industry in the ring-fenced bank in the United Kingdom. The firm’s segments include small businesses, the United Kingdom Wealth and Credit card business and local consumer business. The firm engages in the provision of transactional, investment and lending products. It also offers its clients with wealth and Business Banking. Barclays UK is the contributor to the clear margin led income to the larger Company. The company majorly serves the United Kingdom markets (Talani, L.S., 2017, 97). The firm’s customer profile indicates that most of the people owning current account falls in the age of 25-34years. The key trends affecting the company are the introduction of fraud-free payment techniques and Omnichannel payment trends. JP Morgan is a global financial services firm operating in the Banking Financial Service Industry. It is a leader in Commercial Banking, Asset Management, Financial Transaction Processing, investment banking, small businesses and financial service for consumers. The firm is a component of Dow Jones Industry Average, serving the world’s famous corporates, millions of clients in the USA and government and institutional clients under it. The top competitors of Barclays and JP Morgan in the Financial Service Banking are Deutsche Bank, UBS, RBS, RBC Royal Bank Canada, Citi, BNY Mellon, Goldman Sachs, and Credit Suisse and Bank of America. Customer profiles of JP Morgan indicate that the young consumers spending with the company have increased as the spending of older consumers reduce. Key trends affecting the firm are the shifting workforce, strengthening global demands and tax reforms. The paper provides a detailed
The financial performance of Barclays generated from the company’s most recent report is as follows. The financial statement indicates that the company’s profit before they were taxed as at 31st December 2018 was £ 1,548 million, this comprised of Barclaycard Consumer UK Profit totaling to £565m, Business Banking Profit, £ 363m, Personal Banking Profit, £769m Partially offset loss offset in the main office of £149m. The total income of Barclays UK as at 31st Dec 2018 was, £ 5,606m, comprising of Barclays Consumer UK income of £ 1,578m, Personal Banking income of £3,152m and Business Banking income worth £991m (Sir-Ian. C., 2018, 16). The total income of the company reflected the continued increase in lending of mortgage, sustainable growth and customer deposits. Hedge arrangements and operations of the treasury led to a partial offset of expense worth £115 in the Head office. Charges of Credit Impairments was totaling to £624m. The company’s Operation Expenses excluding conduct and litigation totaled to £3,356m; this was made of £ 28m in head office, £571m in Business Banking, £486m spent on Barclays Consumer UK and £2,271m on Personal Banking. These expenses were meant to enhance the growth of the business, in digital banking and improvement of efficiency of future operations. The financial performance in the balance sheet indicated that Advances and loans at amortized cost amounted to £188.6m, including Barclaycard £15.7bn, Business Banking £26.6bn and Personal Banking £146.3bn. The huge figure in loans and advances reflects a surging mortgage lending since the inception of the business. Deposits at amortized amounted to £ 197.5bn, this comprised of Business Banking at £ 43.3bn and £154.1bn Personal Banking showing a strong deposit growth of the company.
Barclays Bank offers a variety of products and services to their clients to make them achieve their ambitions. The products and services they provide are. Custody Services; including Holding of Clients Assets, Pooling of Assets, Provision of income entitlements, Location of Custody of clients assets outside UK and provision of the way forward on Shortfalls. The other service is Holding Cash for Investment Services; comprises of Holding Cash as a Banker where client deposits money and Barclays only hold money as a banker and no more services. Operating Bank Account Services; the services here comprises of Manipulating of Clients bank accounts, Provision of Cards and Passwords, Provision of Security in Payment modes, Interest and Tax deductions, Replacement of stolen or lost Cards, Bank Account Benefits services provision and activation of dormant accounts (Sir-Ian, 2018, 33). Investment Research Services, these include the provision of information on market or investment and how to put the information into use. Making and receiving payments services; these services are Payment into client Bank Account, Electronic payment from clients Bank Account, Provision of Cheques, Card Payments and International Payments. Other services on making and receiving payment include Recovering Lost or mistaken payments, Detection of Unauthorized payments, refunding certain payments. Account Miscellaneous Services; Interest Aggregations, Borrowing on client’s bank account and provision of statements. Additional Barclays UK services include Bill Payment Services, Mail retention service, Safe custody, and safekeeping services.
Barclays UK is one of the leading firms in the UK in offering employment. In 2018 the staff members of the firm were totaling to 48,700 employees. Its recruitment strategy is very rigorous, thus making it pick only the most competent who has always made the company prosper. After recruitment, the new staff undergoes training and induction to improve their leadership, technical, interpersonal and business skills to fit in the culture and the environment of the company. Barclay’s stock and interconnectedness in the provision of financial services UK have attracted several big institutions to invest with it. Some of the Barclays largest shareholders include Blackrock Inc. Blackrock Inc. owns the largest share in Barclays UK totaling to 10,778,503 shares. The value of its stock in Barclays amounts to 280million. Invesco is another shareholder of the company commanding 7,128,792 shares in Barclays valued at $ 185 million (Oloko, M & Ogutu, M., 2017, 231). Manufacturers Life Insurance Co. has with Barclays, 565,600 shares worth $ 66. The fourth shareholder is Cohen and Steers with 1,375,966shares, Bank of American Cooperation 668,242 shares, Morgan Stanley, 656,067 shares and Global X Management Company owning 454,446 shares in Barclays. The company prides of achieving 24 million customers by the end of 2018 that with the largest percentage satisfied and loves the services of the company. The company has created a complaints website; it has always strived to address all the complaints to improve the customer’s concerns. The internal stakeholders of the Barclays include Customer Relationship Management (CRM), Campaign Executives and Campaign Managers. The external Stakeholders includes Private shareholders of the company, Customers and Clients, NGOs and Consumer groups
Barclays Bank UK Group’s employs updated technologies in its operations which have led to the company’s resilience. The corporate has also concentrated on the detailed plan in 2019 to eliminate any activity which would negatively impact on the customers for it to retain all the UK customers it has attracted. The board of the company have discussed culture plans, talents and engagements and reviewed the dashboard to ensure the company makes real progress this year. The main ongoing issues of the firm to enhance its progress by adopting the modern IFRS 9 standards, adoption of integrated PPI and other regulatory matters. The Corporate Board also reassessed and approved the Reward Policy of Barclays after the remuneration committee recommended it.
The current CEO of Barclays UK is Ashok Vaswani. He joined Barclays in 2010 as the Credit Card Business manager across Europe, UK, and Nordics. He also managed Barclays in Africa, and globally managed Barclays Personal, Corporate and Banking, and Retail Business in Barclays. Before he joined Barclays, he was a partner with JP Morgan and the CEO Citigroup. The board of directors of Barclays is made up of the Chairman, seven independent directors who are non-executive and two executive directors. Their profiles are as follows. Sir Ian Cheshire is the current Chairman of Barclays UK from 2017, served as Chief Executive of Kingfisher Group, worked in Barclays Bank PLC as the Executive Director. Ms. Avid Larizadeh Duggan; Chief Operating Officer at Kobalt Music Group, She is the Founder4Schools advisor. She was also a general partner at GV and lastly is the founder of Boticca Ltd and acted as the CEO. Michael Jary; currently serving as founding team and Senior partner OC & C Strategy Consultants, he was also the Managing partner of UK office of OC &C. Angela Anna Cross; Served as non-Executive director of Mortability Operations Group PLC. Kathryn Matthews; worked at William M. Mercer as Senior Appointment Officer, AXA investment manager and also worked at the Asia Pacific at Fill Investment as Chief Investment Officer. Christopher Pilling; served as CEO at Yorkshire Building Society, Served as a Director of Marketing and Customer Service at ASDA and was also the Brand manager at Protecter Gamble. Andrew Ratcliffe; is the founder of Incon China, worked at ANZ in Finance and Banking Sector, serves as the Chairman of ReddForestsPty Ltd. David Thorburn; is the President of Chartered Institute of Bankers in Scotland, worked at Wave (NO.1) Limited as Chief Executive, served as the CEO of CYBG plc. Sir John Timpson; is the Chairman of Timson Ltd, served at Leather and Fur Retailers as Non-Executive Director.
In conclusion, Barclays Bank serves as one of the best Financial banking Industry in the UK. The Bank has undoubtedly changed the lending and investment and Wealth and Business Banking sector since its inception in the United Kingdom. To improve the company’s performance, the management should listen to what customers say about their services and immediately act to improve sections where complaints are raised as fast as possible. The company should also go for a slight but complex differentiation of its services from the competitors’. The competitors can not crack complex differentiation; hence this would put them to be at the lead in the banking industry. Finally, Barclays UK management should introduce new technologies like IFRS 9 in all its departments to improve its services.
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