Barclays pulls advertising in wake of Libor scandal

Be the first to comment
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.

SUBSCRIBE TO CAMPAIGN

Only £57 for 3 months

Includes every print & iPad edition, plus full access to Campaign online and other Brand Republic sites.

SUBSCRIBE

Campaign Jobs

Thousands of jobs across advertising, creative, marketing and media

Happy 12th birthday, Facebook - what's next for the world's most powerful tween?
Share

1 Happy 12th birthday, Facebook - what's next for the world's most powerful tween?

The social network celebrates its latest birthday this week, and there is no sign that its dominance will dwindle any time soon, writes Daniel Price, head of social operations at Lost Boys.

Just published