Barclays pulls advertising in wake of Libor scandal

Barclays: pulling ads (pic Colin Stout)
Barclays: pulling ads (pic Colin Stout)

Barclays has axed all advertising in the wake of the interest-rate-fixing scandal that led to the departure of chief executive Bob Diamond last week.

The bank has temporarily pulled all ads for its personal-finance products as it comes to terms with a PR disaster. It was fined a record £290m for trying to fix Libor, which calculates the interbank lending rate.

Barclays is understood to have had a campaign promoting a mobile app due to break, but this has been put on ice while it reviews its strategy.

A spokeswoman for the bank said: 'Given the current environment, we have changed our scheduled advertising plans. We aim to be returning to a business-as-usual approach soon.'

It was also revealed this week that actor Stephen Merchant, who provided the voiceover for recent Barclays ads, has quit as a result of 'increasing commitments in the US'.

Controversial chief executive Diamond quit Barclays with immediate effect on Tuesday 3 July, after claiming ‘external pressure’ had reached levels which risked ‘damaging the franchise’.

Earlier today (9 July), Labour leader Ed Miliband set out banking reform plans, which involve the break-up of the ‘big five’ British banks – HSBC, Lloyds, Barclays, RBS and Santander – to enable the creation of two new high street competitors.

Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now