Barclays
Barclays is a global financial service provider and was founded by John freame and Thomas Gould in the year 1690. This institution is one Britain’s oldest bank with over three hundred years of expertise; they are engaged in personal banking, credit cards, corporate and investment banking, and wealth and investment banking. In addition, they are located in various continents around the world such as Europe, America, Africa, and Asia. Barclays operates in fifty countries and employs over one hundred and forty thousand people who hand in hand with Barclays help protect, lend, and invest clients’ money worldwide.
As earlier stated, Barclays is a financial service provider, with a sole purpose of “helping people achieve their ambition- in the right way.” Furthermore, Barclays achieve this goal by meeting the varied customers’ demands through creating an institution that engages in all area of personal banking, business baking, investment etc. additionally, Barclays attain their sole purpose through their employees by operating under their five core values which is respect, excellence, stewardship, integrity and service. These values with their area of expertise in providing financial service help make what Barclays is.
However, in recent times, they are various events that have significantly affected Barclay’s operations. Firstly, after the review on Barclays bank, it was said that the bank was operating under two aggressive tax avoidance scheme which was disclosed to HM Revenue and Custom (HRCM) by a bank. The tax avoidance scheme used by Barclays was related to a device that would claim tax credits in other words, the device was used to produce/ generate Tax credit even if no Tax was paid. This has not only damaged Barclays reputation which would result in a long term cost on brand rejuvenation but has also resulted in a loss of significant amount of money which