The Quaker-founded bank has drawn the ire of anti-war groups over its perceived support for the Israeli conflict. Photo: Rasid Necati Aslim/Anadolu via Getty Images
When Barclays executives arrive in Glasgow next week for the bank's annual shareholders meeting, expect to see tight security measures.
The lender is on high alert for possible protests by pro-Palestinian activists who have targeted the bank in recent months over its alleged support for Israel's conflict in Gaza.
Barclays has provoked the ire of anti-war groups who claim the Quaker-founded bank is «funding» defense and military companies that supply weapons to the Israeli army.
Branches in London, Derby, Coventry, Ipswich, Leeds, Cambridge and Oxford were all affected . protests demanding an end to the bank's «investment» in Israeli operations in the Gaza Strip.
«Barclays blood money» and «stop investing in Israel's crimes against humanity» are frequent messages on the front of posters and banners.
Protests have intensified in recent weeks, with a branch of Barclays in Croydon being destroyed and vandalised. with pro-Palestinian graffiti. “The child killers stop arming Israel. Free Palestine. Stop Funding Genocide» were written in big red letters on the front of the bank. 
Barclays Croydon branch was smashed and vandalized amid growing protests against the bank. Photo: UKNIP
The leading campaign group targeting the bank, the Palestine Solidarity Campaign (PSC), organized a mass closure of Barclays customer accounts scheduled for May 9 to coincide with the bank's annual general meeting.
On Wednesday, Palestine Action, another group The campaign has claimed responsibility for the vandalism of Barclays in Manchester, where red paint was thrown over the building.
The British bank, which has no branches in Israel, may seem an unlikely lightning rod for pro-Palestinian activists.
But Barclays is just the latest in a growing list of corporations to be targeted as the conflict between Israel and the Gaza Strip polarizes large swathes of society. Companies from Starbucks and McDonald's to Google have come under attack and are struggling to contain the anger directed at them.
Protesters have long said Barclays has deep ties to the defense industry.
Back in 2022, the PSC alleged that Barclays was funding the Israeli Defense Forces.
“Our research reveals that Barclays is a major funder of companies arming Israel,” the group said in its research report. “Barclays Bank has strong financial ties to arms companies that supply Israel with weapons and military technology used in attacks on Palestinians.”
According to the PSC, Barclays is «complicit» in Israel's attacks on Gaza civilians as it owns shares worth £1.6 billion and provides £3 billion in loans to military companies that produce technology used in Israel's operations in the Gaza Strip. the Gaza Strip.
Defense companies in which Barclays is said to be a shareholder include: British manufacturers BAE Systems, Ultra Electronics and Qinetiq; American contractors Boeing, Caterpillar and General Dynamics; and some Israeli contractors.
Barclays lent or guaranteed financing to Boeing, Caterpillar, BAE Systems, Rolls Royce, Raytheon and QinetiQ, the PSC claims.
BAE Systems and Rolls-Royce are involved in the production of the F-35, which was used in the Gaza conflict, and Caterpillar makes the D9 bulldozers used by the Israeli military. General Dynamics produces the Namer armored vehicle for Israel. Boeing produces the Apache attack helicopter and the Hellfire missile.
But it is Barclays' ties to Israeli defense company Elbit Systems that are most controversial.
Elbit Systems, registered in Tel Aviv and New York, is a constant focus of attention among pro-Palestinian activists.
Activists say Elbit produces weapons that were used in the historic bombing of the Gaza Strip.
Activists claim Elbit produces weapons used in the historic bombing of the Gaza Strip. Photo: Emam Bader/Anadolu via Getty Images
The most damaging of all PSC claims, that Elbit is “linked” to the production of “banned cluster munitions”, the company has denied.
Protests, mass account closures and vandalism at Barclays branches are all aimed at encouraging The bank will sever all financial ties with these defense companies.
However, Barclays argues that the protesters have fundamentally misunderstood its business.
On Thursday, the bank released a document refuting the claims and strongly refuting the protesters' accusations. Banks are not the same as fund managers, Barclays noted, and its so-called «investments» reflect shares held by its private assets and retail clients in their personal accounts, rather than the bank itself.
«We do not invest in Barclays, and Barclays is not a 'shareholder' or 'investor' in that sense in relation to these companies,» it said.
To prevent accusations against Elbit, which has attracted the most ire from activists, Barclays also noted that the same company supplies the UK armed forces.
“We will terminate any relationship with any business where we see evidence that it produces cluster bombs or their components,” it added.
The response is not sufficient to suppress activists. The PSC said in a statement: «Holding these shares on behalf of clients in no way alters Barclays' ethical and moral obligations.»
“However they own them, Barclays profits from producing weapons that are then used by Israel to attack Palestinians.”
Barclays is not the only lender facing criticism over its relationship with Elbit. Last year, Canada's Scotiabank faced a campaign to sell Elbit shares. Scotiabank said the claims contained misinformation and «confusion.»
Although campaigners often appear to be fringe voices in the City of London, their criticism of defense firms has gained traction in parts of the mainstream wealth management community. Norway's largest pension fund, KLP, manages $100 billion in assets dollars (78 billion pounds), blacklisted investments in companies producing “controversial” weapons.
These include Elbit Systems, General Dynamics, Raytheon and Rolls-Royce. KPL said it remains an investor in Barclays.
Barclays bowed to pressure in February after Net Zero activists protested its funding of fossil fuel projects Credit: Vuk Valčić/SOPA Images/LightRocket via Getty Images
Barclays has its roots in 1690, when two Quaker pacifists founded bank. However, despite her religious background, she has been accused of ethical violations in the past.
At the height of apartheid, its presence in South Africa was controversial, often sparking protests outside its headquarters on Lombard Street during the 1970s and 1980s.
The Anti-Apartheid Movement, a British organization based at the center of the opposition, published a lengthy pamphlet in 1975 listing dozens of allegations against Barclays.
Amid political pressure and backlash from students who refused to open Barclays accounts, the bank withdrew from South Africa in 1986 year.
Barclays has recently faced pressure from climate change activists concerned about its financing of fossil fuel projects. In February, he bowed to pressure from net-zero activists, vowing to crack down on clients who pursue new oil and gas projects without developing green alternatives.
The decline was due to his indirect ties to Israel. seems less likely. . Pressure to sever ties with defense companies comes at a time when Prime Minister Rishi Sunak has made military spending a national priority to counter the threat from Russia. Mr Sunak made clear last week that he believes investing in national defense champions, including companies such as BAE, Rolls-Royce and QinetiQ, is clearly ethical.
Instead Clashes between pro-Palestinian activists and Barclays seem a foregone conclusion. continue. With senior management arriving in Glasgow next week, the bank will be on high alert.
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