Barclays pulls ads following scandal

Barclays has pulled all advertising in the wake of the LIBOR interest rate rigging scandal.

barclays

A spokeswoman for the bank says a decision was taken last week to “alter the advertising schedule in light of the current environment for the bank”.

She adds that it is not currently “the right time” to be running ads for retail and other products and services. The situation, she says, is being reviewed on a “daily basis” with the hope of “returning to business as usual ASAP”.

Barclays’ brand has taken a battering after it was found guilty by the City watchdog for manipulating the rates banks use to lend to each other in the wholesale market. The scandal led to the resignation of chief executive Bob Diamond over fears damage to the corporate brand could spread and irreparably harm perception of its high street operation.

Barclays’ decision to pull ads mirrors that of rival Natwest, which has temporarily stopped running its “helpful banking” slots after computer problems left thousands of customers of the RBS Group owned bank unable to draw cash from their accounts.

Separately, comedian Stephen Merchant has ended his thre-year deal to voice the bank’s “One small step” ads early. A spokeswoman for the bank says The Office writer ended the deal in the spring because of “increasing commitments in the US”.  

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