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

Latest

John Lewis walks consumers through its history to celebrate 150 years of business
Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Toyota achieves the impossible by calming angry Roman drivers
Tom of Finland's 'homoerotic' drawings made into stamps
YouTube reveals user habits to appeal to 'older' marketers
Ex-M&S marketing chief Steven Sharp consulting at WPP
Wolff Olins reveals new CEO after Apple poaches Karl Heiselman
Glasgow offers £30,000 prize to best digital idea for 2014 Commonwealth Games
Google's revenues surge but shares drop as it grapples with transition to mobile
Facebook beats Twitter to most 'marketing friendly' social media site crown, says DMA
Fableists believe children like Finn should be outdoors enjoying life
Homebase, Baileys and Camelot join the line-up at Media360
MasterCard renews Rugby World Cup sponsorship to push cashless message
Lynx unleashes £9m 'Peace invasion' campaign
Social Brands 100 Youth: Pizza Hut most social youth brand in UK
Cheryl Cole is wild and arresting in new L'Oreal work
Morrisons told not to show alcohol ads during YouTube nursery rhymes
O2 head of brand Shadi Halliwell departs after 23 years at company in restructure
Tesco hit by further sales decline as it turns to digital Clubcard and social network
Branding guru Wally Olins dies aged 83
Duracell short film captures epic Transatlantic voyage
Ash runs Tinder experiment to show smokers are less desirable to opposite sex
British Airways teams up with Gerry Cottle Jnr for summer of rooftop film screenings
Arklu says 'girls can be superheroes too' with doll design competition
Coke enters squash market with Oasis Mighty Drops
Virgin Galactic signs up Land Rover as space flight sponsor
Motorola marketer Andrew Morley departs as Google gears up for sale to Lenovo
US Airways apologises after tweeting obscene image at a customer