British journalist accuses Barclaycard of anti-semitism over credit card dispute

Barclays has reported a 19 per cent rise in first-quarter profits, as market turmoil driven by Donald Trump’s return to the White House boosted trading revenues across its investment banking arm. The FTSE 100 lender posted pre-tax profits of £2.7 billion for the three months to the end of March, beating City forecasts of £2.5 billion. The performance was powered by a surge in revenues from Barclays’ markets division, which capitalised on investor reaction to sweeping policy changes by the Trump administration. Revenues in the markets business climbed 16 per cent year-on-year to nearly £2.7 billion, driven by a 21 per cent increase in fixed income, currencies and commodities trading, and a 9 per cent rise in equities. Activity soared as traders helped clients rapidly rebalance portfolios in response to new US trade and economic measures. The gains offset a rise in loan loss provisions across the group, which increased to £643 million from £513 million a year earlier. Barclays said this included a £74 million charge for “elevated US macroeconomic uncertainty”, reflecting the potential impact of Trump’s newly imposed global tariffs. The results mark a win for chief executive CS Venkatakrishnan, known as Venkat, who unveiled a three-year transformation plan in early 2023 to revive shareholder confidence and reposition the bank. His strategy includes rebalancing Barclays away from its historically volatile investment banking arm and bolstering its UK consumer and corporate businesses, alongside a commitment to return £10 billion to shareholders by the end of 2026. Investment banking fees also saw a strong uplift, rising 16 per cent to £1.2 billion from advising on takeovers, capital raises, and debt issuance. Despite the market gains, challenges remain for Barclays as it navigates a shifting global landscape. Trump’s new trade tariffs, including heavy levies on Chinese goods, pose risks to the global economy and could threaten growth in the UK and US — key markets for the bank. Venkat acknowledged the uncertain backdrop but struck an optimistic tone: “Our high quality, diversified businesses, together with proactive risk, capital and liquidity management and a robust balance sheet, position us well to support our customers and clients and deliver strong risk-adjusted returns in a wide range of macroeconomic scenarios.” Barclays shares have performed strongly since Venkat’s turnaround plan was announced last year, but ongoing geopolitical and economic volatility may test the resilience of his strategy in the months ahead.

Martin Blackham, a UK-based broadcast journalist currently reporting on the Gaza conflict in Israel, has filed a formal complaint against Barclaycard, alleging anti-Semitic behaviour by the company’s staff.

Blackham’s complaint, addressed to Barclays Bank CEO C.S. Venkatakrishnan and seen by Business Matters, centres around the bank’s refusal to maintain his credit card limit, which he claims is vital for his safety while working abroad in a conflict zone.

In his letter, Blackham expressed his frustration over the lack of response from Barclays, highlighting that he first reached out over a month ago, on 8th August 2024, without receiving even a courtesy reply. He emphasised the crucial role that access to emergency funds plays for journalists covering conflicts overseas, suggesting that the denial of such facilities could potentially place him in life-threatening situations.

“The lack of action from Barclaycard staff, especially while I am stationed in Israel, clearly indicates anti-Semitism,” Blackham stated in his letter. He called for a comprehensive investigation into the matter and demanded assurances that his current credit limit would be restored immediately.

Blackham’s allegations bring to light broader concerns about discrimination within corporate settings, particularly towards individuals in high-risk professions such as journalism. His demand for a thorough review of Barclaycard’s actions adds to the scrutiny faced by financial institutions over their customer service practices, especially concerning sensitive geopolitical contexts.

With rising tensions and the ongoing conflict in Gaza, this incident serves as a stark reminder of the critical support required by journalists working in challenging and often dangerous conditions abroad. The outcome of Blackham’s complaint may set a precedent for how financial institutions address similar issues in the future.

A Barclays spokesperson said: “If there is a significant period of inactivity on a customer’s Barclaycard, we will contact them in writing at their registered address advising that if they wish to maintain their existing credit limit, they need to make a transaction within 90 days. Alternatively, if a transaction is not possible, they are provided with instructions to opt out of the reduction being applied. The reduction of the credit limit forms part of our wider fraud prevention activity.”


Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media's automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

https://bmmagazine.co.uk/

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media's automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.