Barclays

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Fortune Global 500

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The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

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F500 Europe-Barclays

Barclays is both a global commercial and investment bank, and a U.K.-focused retail bank. It also has major international payments, credit card and private banking operations. The group hit revenues of $45 billion in 2022, an increase of 19.9% on the previous year.    
<ul> 
 	<li data-leveltext="●" data-font="Verdana" data-listid="27" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;●&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="1" data-aria-level="1">Profits dropped 26% to $7.3 billion in the same period, predominantly due to higher litigation and conduct charges, and credit impairments due to worsening macroeconomic conditions.  </li> 
 	<li data-leveltext="●" data-font="Verdana" data-listid="27" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Verdana&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;●&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="2" data-aria-level="1">The bank’s main priority is, CEO C.S. Venkatakrishnan says, “To build next generation, digitized consumer financial services.” In 2022, Barclays acquired a $3.3 billion U.S. credit card portfolio from clothing retailer The Gap, and it completed the £2.4 billion ($2.9 billion) purchase of U.K.-based, data-analytics-driven mortgage broker Kensington Mortgages in 2023.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-2020-327-Barclays

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

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Change the World

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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Country

Barclays is one of Britain’s largest and oldest banks, tracing its origins to 1690. Its business is split into five distinct lines: a ring-fenced U.K. retail bank (including its Barclaycard credit division), a global investment bank, a U.K. SME and mid-cap-focused corporate bank, a private bank and wealth management division, and a U.S. consumer bank focused on co-branded and white label credit cards. Barclays is gradually downsizing its investment bank, targeting a reduction in risk-weighted assets from 58% to 50% by 2026, and is primarily seeking to grow within its domestic market, which is currently smaller than its international operations. The group is headquartered in London.

Barclays (BCS): Company Profile, Stock Price, News, Rankings

legacy

barclays

Barclays is one of Britain’s largest and oldest banks, tracing its origins to 1690. Its business is split into five distinct lines: a ring-fenced U.K. retail bank (including its Barclaycard credit division), a global investment bank, a U.K. SME and mid-cap-focused corporate bank, a private bank and wealth management division, and a U.S. consumer bank focused on co-branded and white label credit cards. Barclays is gradually downsizing its investment bank, targeting a reduction in risk-weighted assets from 58% to 50% by 2026, and is primarily seeking to grow within its domestic market, which is currently smaller than its international operations. The group is headquartered in London.

Barclays (BCS): Company Profile, Stock Price, News, Rankings | Fortune

Luisa Beltran

Barclays names Anne Marie Darling, who retired from Goldman Sachs in 2024, as co-COO

/2025/07/02/goldman-sachs-jefferies-barclays-anne-marie-darling-cohen-departures-wall-street-jefferies/

Emma Burleigh

‘Buffy’ star Sarah Michelle Gellar hates writing big checks—she cuts coupons, researches gas prices before filling up, and stares at purchases ‘for days’ before buying

/2025/06/11/buffy-star-sarah-michelle-gellar-savings-tips-coupons-gas-prices-personal-finance/

Sasha Rogelberg

Barclays ex-CEO Jes Staley mounts fight to distance himself from Jeffrey Epstein, contesting the UK regulator banning him from running a bank

/2025/02/27/barclays-jes-staley-contest-fca-case-ban-jeffrey-epstein-connection/

Donal Griffin

Lucca de Paoli

Bloomberg

U.K. trade darling Stenn went from $900 million to insolvency in days

/europe/2025/01/09/uk-stenn-technologies-went-from-900-million-to-insolvency-in-days-hsbc-citigroup-barclays-greg-karpovsky/

Barclays annual bonuses expected to increase as much as 20%

/2024/12/18/barclays-annual-bonuses-increase-20-percent/

https://fortune.com/europe/2025/01/09/uk-stenn-technologies-went-from-900-million-to-insolvency-in-days-hsbc-citigroup-barclays-greg-karpovsky/?itm_source=parsely-api

https://fortune.com/2025/07/02/goldman-sachs-jefferies-barclays-anne-marie-darling-cohen-departures-wall-street-jefferies/?itm_source=parsely-api

https://fortune.com/2024/12/18/barclays-annual-bonuses-increase-20-percent/?itm_source=parsely-api

Greg McKenna

Apple and Goldman Sachs fined $89 million over Apple Card missteps

https://fortune.com/2024/10/23/apple-and-goldman-sachs-fined-89-million-over-apple-card-missteps/?itm_source=parsely-api

Ryan Hogg

Ex–Barclays bank chief insisted he had no relationship with Jeffrey Epstein—but emails told a different story, and he’s now been fined $2.2M

https://fortune.com/europe/2023/10/13/ex-barclays-bank-chief-insisted-he-had-no-relationship-with-jeffrey-epstein-but-emails-told-a-different-story-and-hes-now-been-fined-2-2m/?itm_source=parsely-api

John Kell

Nomura's CIO is modernizing his company's tech while rethinking when to build versus buy

https://fortune.com/2024/07/10/nomura-cio-tech-ai-buy-vs-build/?itm_source=parsely-api

Barclays' bold £2 billion cost-cutting blitz boosts profits and sets stage for Tesco Bank takeover

https://fortune.com/europe/2024/10/24/british-barclays-bank-profits/?itm_source=parsely-api

Adena Friedman, Chair and CEO, Nasdaq
C.S. Venkatakrishnan, Group Chief Executive, Barclays
In conversation with: Lee Clifford, Executive Editor, Enterprise, Fortune

Fortune Global Forum 2024: The Next Decade in Finance

Photograph by Michael O’Shea for Fortune

Conferences

Hello, everyone. Uh well, be out. We're going to dive right in. Uh tell us what you make of the US election results and did Wall Street get what it wanted? Um Well, the markets think so. Uh Thank you for, for Lee, for having me and uh being part of this wonderful panel with Lena. So the election results, I think obviously saw a great premium that kept into the equity markets. Markets did well. Uh they did well for banks and financial firms and they did well more broadly. I think there are a couple of reasons. One is clarity is always welcomed by Wall Street. Uh Second is there's a greater clarity. It doesn't matter which side you're on when all the three parts of the legislative and, and, and, and the executive align the President House and Senate. Um and it happened quickly and people were fearing that it would not happen quickly. So I think those three things and then thoughts about what might happen in terms of regulation or might attack the economy all led immediately to the, to the, to the rally in the market, I think uh when you step back and especially if you look at it from abroad. You know, I work at a British Bank. Uh People will start asking themselves deeper questions about what does this mean for trade? What does this mean for defense expenditure? What does this mean for geopolitical realignment? How do the countries, especially the ones in Europe which are having growth challenges fund themselves in what this new world will be? And then ultimately, where does it go into broader social questions of ESG and climate? Well, Adina, you were saying that you see what's happening in the markets the past week or so as a sugar rush, are we gonna come off the high or what? What's your prediction? Well, I actually, II, I would say not specifically a sugar rush but certainly a honeymoon uh associated with everything that the Vin cat just described. Uh and, and what's happening right now is you've got one thing that's very certain, which is with the way that the um the legislative branches and the administrative branches are aligned, there's going to be a tax policy change. There actually has to be a tax uh tax discussion within the next year because the current tax rates, the tax um plan expires. So with knowing that it's aligned um down down the line with the Republicans, I think that there's an expectation that will benefit um you know, the corporate world or at least retain the benefits we already have. And I think that that's obviously seen as a positive in terms of, of Corporates and, and the ability for them to generate profit and retain those profits. I think that's AAA benefit. And then the second thing is uh the notion of, of smart regulation, you know, how do can we get to an era of what I call smart regulation, outcome oriented re regulation as opposed to input oriented regulation, looking at regulations and saying, did we actually achieve its original intent? Are we measuring the those outcomes as opposed to just creating activity traps within the financial industry and others industries that frankly suck capital away from more productive activities? And if that also is kind of, there's a general sense that that's a possibility and that also could create a lift both in terms of, you know, the ability to retain those profits, but also in terms of being able to deploy those profits into growth and into liquidity in the markets. So I think all of that is kind of manifesting themselves, but there are the super questions, there are the longer term impacts. I think those people want to wait to see what actually does come out of um the, you know, kind of the the policy decisions around tariffs and other things to know how that might impact um different sectors over time. I I think that there's still that to be played out. Yeah. Well, drilling down a little bit, I know you love to talk about fixed income. So tell us what's ahead. Well, the bond markets have backed up a little, which means rates have gone up. I think what they're seeing or looking for is that, uh obviously with lower taxes, uh greater spending might be inflationary interest rates will have to be higher for, for longer. Uh We'll, of course, you know, have to look at what the fed does and what central banks around the world do. But stepping back, we're in a place where I think you've had a very soft landing. I sometimes call it a featherbed landing. That's happened certainly in the US and in the UK where if we had asked ourselves two or three years ago, would we have got, had growth come back to be normal, inflation come back to be normal levels and had held on to the very strong levels of employment. Then we would have all thought that, that, you know, we would have welcomed such an outcome and thought it not likely to be possible, right? But here it is. And here we are. So we started that very, very good place. Now, economic issues clearly had an effect on the uh on the election, but that was probably more about inflation than anything else. So I think the bond markets are looking for a period of some calmness but probably with higher levels of inflation. What do you see happening in the equity markets? Well, I I everything that, that Vinca just talked about to um you know, we always say cost of capital matters, right? And right now, we still have a pretty big delta between actual inflation that's occurring in the country and the interest rates that people are paying. And while I do agree with you that the citizens in this country really were impacted by inflation. And that was definitely um a a key element of the election outcome. They're also on the flip side, like on the back side of now, seeing lower prices going up less fast, they're having a much higher cost of capital. So they're kind of been hit with a double whammy. Um And so if we can start to and we're starting to see the fed, you know, taking those slow actions to normalize rates against the inflation rate. I think that's a positive in terms of both from a corporate perspective and from a consumer perspective and that obviously creates a lift in the markets. But I agree with Vinca that they're gonna, you know that right now they've taken, they've taken two actions pretty quickly. The question, do they kind of start to slow, roll it because of the fact that they won't know what this, what, what any sort of policy decisions are with the new administration. But they also do see the fact that the economy at the aggregate level has remained strong and therefore they can take a slower, slower process going forward. But there is an opportunity to continue to bring rates down over the next year. Just depends on how fast. Yeah. Um, well, we all love big predictions. So we're here to talk about the next decade in finance. Uh Could you give us a couple big forces or predictions that you see playing out over the next decade? Then you can go first. Well, look, technology and technological change is very much a part of the financial landscape. And you know, if you look at the period through the up to the financial crisis, it was financial technology, it was the way in which you did what was called financial engineering. I think now it's going to be much more straightforward. It's going to be how do you analyze data? How do you take information and make better decisions, financial decisions and investment decisions which have an impact on the financial system and then how do you continue to manage money? You know, we run a large retail bank uh digitally and make that broadly available to your society and do it with all the trust and the security that people are coming to expect. And that's harder to provide in an age when you know, there are as many bad guys out there trying to get into the system. I mean, I, I think that there's, this is a renaissance period for technology in the industry and it will be for the next decade. Uh I, I think it'll unleash a lot of opportunities for us to continue to globalize capital flows, reduce friction in terms of global payments, make it so that we have more of an opportunity to create more. I would say a a more what we're approaching is because we provide technology to 100 and 30 other markets around the world. In addition to our own, we provide very scale technology around risk management, regulatory reporting and anti fin crime to the banking industry to the extent we can create a more harmonized experience across the capital markets in the world with tech. So absolutely, a domestic market is something that will continue to be a a critical component of every economy. How do we to drive more liquidity into those domestic markets by opening up the capital flows, making there be less friction and and having flows go across the world in addition to and that's a lot of a lot of technology, payment rails will modernize et cetera. Having more of a cloud orientation towards running markets will create more scalability, the ability to manage the data more effectively and will open them up the exchanges and the market participants up to new services. So the next decade and obviously A I plays a huge role in all of that. And then on the on the protection side, I do think it's critically important that the banks and providers like us who provide services to the banks that we are able to leverage the A I capabilities to the best of its ability in order to catch the bad guys. And because you can, as I can assure you, the bad guys are gonna use it to the best of its ability, as fast as they possibly can. And to the extent that A I is a force that can be used for good purpose, which it really is in terms of um finding criminal actors getting them out of the system. It's really important that I think we unleash the power that takes technology for those defensive purposes. And so that's a big part of our, of our mandate. It's a big part of the mandate that banks have and it's something that we're very aligned on with many of the governments around the world. So very excited about what we can do there to advance um the ability to, to manage crime out of the system. Yeah, I'll say if anyone has a question, please put up your hand and one of our Mike Wranglers will find you. I wanted to shift gears for a second. And you know, if we're looking at 10 years, the types of people that you might need to hire, you don't even know what jobs they're going to be doing 10 years from now. So what are you looking for now in the people that you're bringing into your organization and promoting up through your ranks of leaders? Yeah. And I think, you know, it's, it's one of the toughest questions which any large organizational leader faces because it's not just what kind of people you want now, but what will the skills they need to have? 1020 30 years from now? Um As they are then senior people in organizations, I think clearly in the banking industry or in finance, some amount of economics and finance and accounting is important. But the technological skill set and the ability to use it, understand it, deploy it, understand its potential and its risks is absolutely important in all the ways in which Tina said, which is just efficiency, automation protection and, and service delivery and, and and then equally how is it that you understand where your clients are going and how they are going to use the technology and how do you serve them better? So you know, what's the role for bots and customer service? What's the role for digital payments? And then how do you help? Because we reach lots of retail customers. How do you help the people who are slower on adoption? Yeah, that's actually really an interesting point in terms of wealth, there still is very much a role for the human in manage, helping people manage their wealth. But there are a lot of tools that even those humans can use now to augment their, their capabilities. And I think that'll accelerate. But in terms of skills, uh we are a technology company. So and we have about 50% of the people inside of NASDAQ are in the development and engineering organization. And so obviously, as we continue to bring more A I capabilities into our products and embed them into the agile teams. Data science is a critical component of our skill set, um Data engineering as well in addition to traditional engineering um development abilities. But then I also would say there's always going to be relationships that you, you know, the soft skills are still very important as well. And one of the things that we really focus on are kind of having a culture where we have constant curiosity, you know, a growth mindset, which means in humility and in terms of what you know, and what you don't know um as well as curiosity about the world around you and what can change and how you wanna bring that change into the organization, serve our clients team orientation, so low ego. Um and as well as I think a way as well as like hard expertise, whether it's market structure expertise or engineering expertise or, you know, uh governance expertise or other things in terms of the services that we offer. And, and that's a, you know, that's a well rounded person. Yeah. And at the end of the day, we are always, we will always look for well rounded people regardless of the role they're in. But that data science capability is gonna be an increasing part of the skill set that we bring in. If I may just add to what I said, there's something, you know, deeply important there because the only thing we know for certain is there will be change. And so those people who are then adaptable and resilient are the ones who will then thrive. Agree. Agree completely. You're looking for the low ego, people who wanna go work on Wall Street. I think we have um a question up here. Well, now that you put it that way, I thank you all so much for the insightful conversation. Uh My name is Ashton Jackson. I'm a reporter at C NBC. And I feel like with young people, young millennials, Gen Zers, there's kind of this like FOMO about investing and it's leading them to invest in or make speculative investments and things like Cryptocurrency and uh and um uh meme stocks. So my question you is, what advice do you have to give young people when it comes to balancing risk, reward and long term financial planning in such like a fast paced hyper competitive environment? All right. So I have uh two sons who are in their mid, mid to late twenties. And so I'm, I, I, I'm living that OK. And it's really interesting because I learned so much from them. Uh One of my sons the other night was showing me um how he was engaging on an event marketplace. And um and he was calling and he was making a market so he was taking different sides of the trade all night long on like what the temperature of New York was gonna be overnight. Um And it was just fascinating and he was showing me the app and he was showing me how he was laying in his orders and what it was. So and I mean, I'm talking like $10 increments. I just want to be very clear. But what was so cool about it is he was learning market structure. He didn't even realize he was learning market structure, but he was learning market structure. That is awesome. So, of course, my, my first question is always, how much money are you spending? Not? How much money are you investing? How much money are you spending? Because it, you know, if he ends up making money great, but if he ends up losing money, I want him to think about it as I'm spending money on, on enter, you know, to entertain myself, you know, in this particular case, and I might have an opportunity to learn and I might have an opportunity to make money on it. But, but he's not, you know, kind of spending his life on it. He's not and he's, and he's experimenting in it. Uh Now, when it comes to what we see in terms of a very engaged retail investor base, the most important thing that you can do as a retail investor is get educated. Um And in some way of getting educated is just learn by doing. But with small amounts of money, learn by doing with small amounts of money or even on platforms where you don't actually have to use real money because there are platforms like that. Um But at the same time as you get more engaged and more educated, then you can start to take more risk if you feel like you understand the risk reward that you're really, really entering into and, and, and then you get, you know, kind of get more confidence, but you recognize at any point, those strategies can go either way. And so you have to be ready for any outcome and if that's the case then get engaged, you know, and, and one of one of the great things about the US, and I would say we've been looking at this, um you know, it's, it's one thing to kind of take, take some, some of your dollars and investigate and explore and, and experiment and learn. But at the end of the day, it's another thing to make sure you are investing for your future. And with that, be thoughtful, be long term, be fundamentally oriented because that's what's going to make it so that you can uh afford your schools or your children's schools, afford a home and, and afford to travel the world and experience the world. And those are more serious things that you want to make sure that you're having a long term orientation around while you take a little bit of your extra cash and, and, and apply it in some of the short term. And so it's, it's something I care a lot about because we um we're very excited by the fact that, you know, 39% of household income in the United States is invested directly in equities that is the highest in the, in the world. Um But actually Sweden is 36. I just want to point out it was really interesting to, to look at the Sweden as a, as a real marker there. Whereas other parts of Europe and other parts of the world are really in the twenties and below. So that is important because it, it is a foundational element of wealth creation in this country. And so it should remain that while people can experiment on new things. Sorry. Yeah. No, no, I absolutely agree. I think the most important thing for young people is to understand that investing in their future is really one of the biggest decisions they can make that they should start young with that first paycheck, have a really long term view and the equity markets are a really important part of that. And you have to think about building that future and you've got to get interested, right? And the most important problem I see. And I've got three kids, the youngest of whom is 18 is the risk of disengagement. Um And you know, you mentioned equity market participation in the UK. It used to be like the US 30 years ago and now it's just barely into the double digits and part of it is the pension system and so on. But the equity market is a fundamental part of growth and a part of everybody's investment portfolio and I think we have to end it there. Thank you guys so much for such a great conversation. Thank you.

Sue Bird, Basketball Legend, Co-founder, A Touch More, Co-owner, Seattle Storm, Michele Kang, Founder, Kynisca; Owner, Washington Spirit, Olympique Lyonnais Féminin, London City Lionesses, Clara Wu Tsai, Vice Chair, BSE Global; Co-owner, Brooklyn Nets, New York Liberty, San Diego Seals, Barclays Center Moderator: Emma Hinchliffe, Fortune

Most Powerful Women Summit 2024: Changing The Game - How Women’s Sports Became Big Business

Sue Bird, Basketball Legend, Co-founder, A Touch More, Co-owner, Seattle Storm, Michele Kang, Founder, Kynisca; Owner, Washington Spirit, Olympique Lyonnais Féminin, London City Lionesses
Clara Wu Tsai, Vice Chair, BSE Global; Co-owner, Brooklyn Nets, New York Liberty, San Diego Seals, Barclays Center
Moderator: Emma Hinchliffe, Fortune

Sue Bird, Seattle Storm, Michele Kang, Kynisca; Olympique Lyonnais Féminin, London City Lionesses, Clara Wu Tsai, BSE Global; Brooklyn Nets, New York Liberty, San Diego Seals, Barclays Center

Hello, everyone. So, while we settle in, I want to ask who in the room has been to a W NBA game? Raise your hand. Let's go. Ok. Awesome. And then who has been to an NWSL game? Ok. We got to get some more people. It's a soccer, it's a soccer game, but great, great to know. So Sue would love to start with you. You've been in women's professional basketball for more than two decades and you have a view into other sports as well. So when you look at the craziness, the attention of the past year, good and bad. How different was this year compared to what you've seen earlier in your career and even just a couple of years ago. Oh, incredibly different, entirely different. Um, when I think back on probably the last five years or so, we've really seen a shift. I think it does start with women's soccer and their fight for equal pay. That really put a lot of these conversations on the map. That's why I should be going to NWS games. Um, and then we look at the WNB A's bubble season 2020. I think that started putting us in different conversations. You fast forward. Now the, the platform was built and then we had this rookie class, especially in the W NBA come in, but younger players in soccer as well come in and they've got flair, they've got personalities, they've got followings because of nil boom. Yeah. Amazing. And nil for anyone who doesn't know is the reform in college sports allowing college athletes to earn money. Oh, yeah, my best. Yes. So Clara, thank you so much for being here because your team is in the finals right now between game two and three. So I don't know, we have a lot of New Yorkers in the room so we might be rooting for the liberty. But um I would love to hear a little bit from you about what has been driving this growth. You know, a lot of people are likely familiar with the rookie class like Sue mentioned and Caitlin Clark and her popularity, but there are a lot of other factors. So could you tell us a little bit about what this growth from a fan and business perspective? Well, I think what's really driven the growth is a very compelling and exciting product which of course starts with the incredible basketball excellence on the floor. If you've gone, you've seen that it's physical and it's gritty, it's super competitive. Um So it starts with that, but it's also um now complemented by a really great um game day experience and for us, if you've been to a Liberty game, you've seen the Time Timeless Torches and you've seen Ellie. And so all in all, I think what's driven a lot of fans to us is not just the game, which is really why everyone's there, but also the wrap around wall to wall entertainment that we have around. Secondly, I think, um, the star power definitely, um, the spiciness of Angel and Kaitlyn and that sort of rivalry, um you know, has brought a lot of attention. And then thirdly, I would say the mainstream media coverage, it's mainstream media coverage who followed uh these college stars when they were in college. And um you know, being able that and the social media and the virality of social media allowed some of these stars to be household names before they even got to the draft. And for the first time, we were able to take that fan base from college basketball right into the Pros. And I think that made a big difference for us. Totally. Um Michelle, so you have a global view into sports, um especially soccer or football in the US UK and France. So are we seeing the same women's sports trends globally? Um what's the same across markets and what's different? Yeah, I mean, I think this is definitely a global trend. I think that uh football or soccer is probably the, the biggest sport uh globally, um something like 6 billion out of 8 billion either played or watch. So I think that actually the women's uh uh football is growing everywhere. France, England, especially Spain. Uh even in Leon where I have a team. Um I took it over about a year ago. Um It was probably a couple 1000 but now we actually have 40,000, the Champions League final game in Bilbao. Uh Last May, we had over 50,000 almost sold out at a stadium. So it is a global trend and it's not, it's, it's out of the back, it's not gonna stop. Yeah. And you have talked about how you came to sports. You know, a lot of people come to sports ownership in a way as some sort of passion project, whether they grew up playing sports or it's just emotional and meaningful for them. You've basically said this is a business opportunity. So how did you identify that? What numbers did you see that led you to that conclusion? Yeah. So I think that initially, I mean, I didn't play soccer, I was not a fan, I didn't know who Leo Messi was. So I was really totally new to sport. So, but I think I got involved for equal pay, the, the whole cleaning up the scandal and everything else from that perspective. But in the process, I became very passionate and I was actually very surprised um seeing the potential that there hasn't been the kind of investment that I expected. So what I saw where it was and where it could be, it could go. That gap was really huge, but that wasn't going to happen just because where women sports come and watch. But rather it has to be taken seriously as an entertainment product. We're not just competing against men's sports. We are competing against other forms of entertainment. We all have seven evenings a week and it is not just the sports games, but it is going to a movie, going to Taylor Swift concert or going out to dinner. So, what's our value proposition? As Clara said, um, we have to put out really the best product, compelling reason for our fans to come to 13, uh, weekends or even more. So, I, I think that the, the investment was not absolutely necessary to put the best product and be the most compelling entertainment product and we're getting there. So for a variety of complex reasons, you know, the surge in viewership and attendance doesn't necessarily translate to much more money for athletes immediately, at least in their actual salaries rather than other opportunities. So sue, how does that disparity affect players in the meantime? And what can be done by owner sponsors other stakeholders while we wait. Um, well, I mean, the good news is, I think for both leagues, we've signed massive media deals. So the money is around the corner. So that's, that's really exciting for a long time. A lot of us had to play overseas. Um, but really recently you've been able to make money off the court and that's actually what was so, um, from a player standpoint, so confusing. I was like, wait, I'm only getting paid, you know, in, in some of my, my later years after the new CB A was signed, I did get to make in the 200 you know, $250,000 range, which was wonderful. But, um for a large portion of my career, I was stuck at like 101 10 for, for I pretty much lost money playing in the W NBA if I'm being honest, like if you look at like inflation and stuff. So it was really confusing because I was getting offered crazy deals off the court from a marketing standpoint, representing brands, maybe going to do a speaking engagement. And that's really for me that disconnect, I knew we had something, I knew that the players were in the community. I knew that the players had value even outside of being basketball players. But why weren't we being valued as a player? Um So the good news is all of us. I mean, I'm retired now, but a lot of the players, we learned how to be our own businesses. We understood what it was to, to create our own brands and, and now you're getting a really dynamic athlete that brands get to work with. And that's really when I talk to different brands, what I push and, and, and athletes are ready for it. But yeah, the media deals here now so it's all change. Yeah. And we have a lot of those big business decision makers in the room and, you know, a recent report found it found that 6% of the Fortune 500 sponsors women's sports compared to 20 per percent for comparable men's sports. So that does not even include the NFL. So what opportunities are businesses still missing? And when they do engage in women's sports, what do they get out of it? And who can they reach Clara? Maybe if you Yeah, well, I think that there's, well, first of all, you know, I think there's a lot of room for, I mean, you know, if, if I could say what I think industry leaders can do to help us is I think that, you know, be season ticket holders, um you know, be buy suits, entertain at women's sports events. The same way you entertain at men's sports events and talk about it, be vocal about it because actually I think your employees will take a lot of pride in that. Uh And I think that, you know, we've come a long way but um we can definitely still do better because advertisers still don't think about women's sports the same way that they think about men's sports. Um But I do want to talk about two partnerships that we recently did that were first of its kind and maybe indicative of what's coming. One is the off white partnership. Um It's a luxury lifestyle brand, um which has never really ever invested in a US sports brand and they chose to come to the US market through, through a women's team. And I think we just had great uh brand alignment and they wanted to be disruptive and that they wanted to come in through women's sports and work through sports and culture. So that is a cash investment. And then the second investment we've done was with a company um called um um Well, Xbox, right, who wanted to use a liberty brand to help promote their video collaborations versus Roblox. And then with CF thieves and um we did three different custom courts uh for them and again, a very unusual way to work together, but it involved cash and it was brand alignment and just, um you know, first of its kind again for uh many sports leagues. Yeah, really innovative and I'll come to everyone for questions in a moment. So start thinking if you have any. But we've been talking about basketball and soccer. But Michelle, you've also announced a I believe, $4 million donation into women's rugby. What potential do you see there? That was the most expensive game I've ever attended. Um So I was at the Olympic, of course, for the women's soccer team and so forth. And I was invited to the rugby game. I've seen rugby games but not women's, especially not the, the rugby sevens. And when I walked into the stadium, I was just really, really shocked that it was sold out. And actually, quite frankly, women's football was not sold, it was near sold out, but it wasn't sold out. The, the rugby was sold out. It was something like 70,000. And I sat next to the US rugby, uh, chairman and so forth. I started chatting and actually what I found out was that rugby right now, women's rugby in the US is about the same place where women's soccer was about, I would say four or five years ago and by looking at just the, the, the stadium, the fans and the excitement um just very, very similar. They're just 34 years uh behind us. And I think there's an incredible potential. So I just wanted to do just a little too nudge to move to, to that direction. So I did say it was the conditional that they have to win the gold medal in L A. And when they do, I want one too fascinating. Um Do we have any questions for our panels? 01 over there. Um a microphone is coming your way. Hi, ladies. Thank you. I'm Natasha Galotti, president of uh Bimbo uh bread company and also a division one athlete. There's quite a bit of activity right now. Um with name, image and likeness for college athletes and pro sports are because of the amateur pipeline that, uh, college athletes have been able to have an experience, any perspective on the potential of nonrevenue sports, which are not women's basketball, but could be rugby, lacrosse, other sports and making sure that while the power and funding goes to athletes, there's still the ability, uh, to get that talent at the collegiate level so that we can continue to have as many sports and women participating in the Olympics. Yeah, I don't know who wants to take that one. I, I mean, I'm a bit, I love nil because nil name, image and likeness for college athletes, this impacts women, I think more than, than, than men. Um It gives us the ability to, to use our college moment and that platform because let's be honest, NC A tournaments, no matter what sport you're talking about are big people tune in, they watch and so to, to give the athlete the opportunity to benefit, benefit off that and, and again, create that brand, I think does help, you know, I can, I obviously, I can mostly speak to basketball. The impact of nil I really believe in 5 to 10 years is gonna be written about and how it, how it changed things for our league. So my only hope is that it does maybe for, for rugby players, for other sports. Um And, and to really actually answer the last question you're asking, I think another reason why brands do need to get involved. Another reason why the investment still needs to come from Corp corporate pa partnership is, it's a known thing. I mean, you just said you're ad one athlete, right? It's a known thing that when you participate in sports, a lot of CEO S are birds from that for women. There's something there. And so I think for companies to back women's sports, we always talk about inspiration, but aspiration plays a role as well. And, and when those two combined, I think what you get left with is yes, some really incredible athletes that might become pro but also a lot of the people sitting in this room right now that become CEO S. So I think it, it just all interacts and and nil plays a big role in that. Totally. I think we have another question back here. Hi, Zoe Weintraub from Guild, um dove tailing off of your kind of comments. So um we supported the Olympics in this last um games as the official education, skilling and career partner. So we supported athletes to be able to have the opportunity to think about transition out of sport. Um So that for the first time our team usa athletes can go back to school or learn a new skill and think about what is that pivotal moment when they transition. And so my question kind of comes from what you said and what you said um in terms of kind of thinking about athletes in a different way. We have a room full of executives and leaders that sit and think about large workforce decisions. Like what are some pieces of feedback or advice you think about giving to this room about considering hiring athletes, women specifically, but just looking for that, I mean, it's its own skill and we've been talking a lot about skills based hiring. Um, how can you think differently? Um, And really lift up those, those individuals. Yeah, I mean, I, the things I learned by playing sports, I'm learning, I'm realizing now, um I often joke, you know, I retired when I was 41. I was really old. I was, my age was talked about all the time. And yeah, in my field, I was old and now of a sudden I'm in the real world and I'm young again, but I have this, I know it's crazy but that's really how I feel. Um Although I turned 44 soon so I'm getting up there now. Um But I realized like, oh my God, I have a skill set that I've literally been working on. I started playing sports when I was in like, oh God even, I was like 1st, 2nd grade. So I've literally whether it's teamwork, goal setting discipline, how to work with others. Sometimes I joke, I'm like, oh, man, if the country was ran, the way sports teams are ran, like we'd be in a better place. Because we, we just have an understanding of what it is to interact with each other and every athlete has this skill set without a doubt. Now, are some better at some things than others, of course. But every athlete has that in them. I mean, I could go on and on about the skills that again. I feel like I woke up when I retired and I was really, oh, I can walk into these different rooms and I can actually have a voice because what I'm bringing to the table is a little bit different because of my sports background. Yeah. Amazing. I think we have one question back there. Hi. Uh Daniel Croucher, Alexa. Um I feel like the US has a once in a generation opportunity in the next 10 years, you guys will host the soccer World Cup, the L A 28 Olympics, the Paraly uh the Paralympics, um the Winter Olympics in Utah, the Cricket World Cup, et cetera. So how do you feel like you guys are going to utilize this opportunity? Um I feel like sports is one of the only things that brings the world together these days. It's a huge opportunity. So curious of your, your thoughts on that. Yeah, Clara Michel. Any plans? Well, I mean, I think, you know, we're just focused on, um, continuing, I mean, you know, I, you know, continuing to promote, you know, us basketball and now we're, of course we haven't lost in how many years? Too many to count? Ok. So yeah, but you know, I, I will chime in here and say that I do believe that this is definitely a way to get more eyeballs onto women's sports. So I think it is important to of course, build a team that can win but also have people on the roster, uh that will really bring um new fans because I will say in order to sustain the growth that we're seeing, we need to broaden our reach, we need to attract new fans and fandom. You know, it definitely comes from marketing your stars. So I think actually in the football, um if you look at actually soccer in the US, uh how do you get attention? Actually, a significant portion of the population, US population actually identify these sports with the National Olympic or World Cup kind of events. That's really the fastest way to bring awareness. A lot of people are aware, but they're not aware that we have a professional league uh in the football soccer world. So, um the, the study after study actually proved that that was the case. It's actually part of what we're trying to do. All our players are actually playing in those games. So in 2019, the World Cup women won. And right after that, the US, uh NWSL had a significant uh uh push to, to um increasing the, the fan base, even the, the uh Washington Spirit I think sold out right after because rose little, uh, play. Unfortunately, the COVID happened and now the Olympic, the World Cup, I think that will continue to bring the awareness and then we're gonna have to tie our efforts through the players and through the national games have to tie to the fact that we have actually very vibrant and incredible national, um, professional leagues. And I think it's going to be very helpful. Can I add to that? Yeah, of course. Yeah, I, I just wanted to add that. Um I think the beauty of having all of those main events in the US and this doesn't just go for us, athletes, it's really all athletes, particularly women. We have as athletes, we have microphones in front of our faces a lot and these big events have mainstream media covering us and the storytelling piece that is starting to pick up in women's sports, which is something I'm super passionate about. That's what drives fandom, that's what brings people in. And we talk about things not just you know, our performance on the field, but we talk about the ways in which, you know, society has impacted us. We talk about the ways in which maybe we had hurdles and obstacles to overcome, not that different from male athletes, but as we all know, the journey of a woman is different. And so because we have the lights on because we have the microphones in our face, this is gonna be the next 10 years to your point. It's gonna be a really great opportunity for the stories of these athletes to be told because everyone can learn from them. Amazing. Well, well, thank you so much to all of you for making conversation.

MPW London 2019: A Conversation About the Banking Industry's Digital Future

Finance

Leumi Group CEO Rakefet Russak-Aminoach and Barclays Private Bank of Overseas Services CEO Karen Frank discuss digital-only banking, personal data and more.

Well, thanks both of you for being here. So Karen is CEO of Barclays Private Bank and Overseas Service is and rock if it is president and CEO of Lumi Group, which is currently the largest bank. Just just recently got that title the largest bank in Israel. And right before we came on stage, Rocket said that she that Mimi is the oldest bank in Israel and then your CEO also of the quote unquote newest. So can you tell us Can you tell us what that means? So yes, Little me is the largest mechanism and also the oldest banking Israel. Actually, Lumi is almost 120 years old, much older than the state of Israel. Nomi was established actually with public here in London 1902 and next to me we have pepper Pepper is our mobile only bank for the millennials and it is the youngest maintain Israel. So we have the oldest and the youngest And you think for millennials Is that how you market it specifically? Because that's really a pretty specific demographic, right? So yes, we marked it for millennials, but actually it's only 2/3 off the customer war millennials and one thought unknown. And I always say that a moment I knew his gold was when my husband, who happens to be my biggest critic, uses Onley pepper in abundance all his other bank account. So I knew were there. And he has a millennial or oh e not. All right, great. Well, I wanted to start with, um I mean, Pepper is a good example of what we're talking about here with digital banking revolution. But, um, I wanted Thio throw some stacks out there. This is from an Accenture study that trust in financial service is firms is not 40%. That's actually highest across industries that famous the retail sector on, I would say, pretty impressive for a decade after the recession. 40%. Ah, utility companies just for comparison, 20% social media from 17%. So there's this. There's this and hearing from a level of trust in the industry which which I think is important to keep in mind. And then there's also some interesting statistics about the use of a bank branch fell from 52% to 32% of people that visited once a month. So two years ago and the percentage using a boat. A mobile banking app regularly is pretty flat at 34%. So we see a drop off in people going into physical brick and mortar bank and then not huge growth. This is for the UK, not huge growth in Mobile, and I think that that's just sort of interesting dynamic to keep in mind. Obviously it different market to market, but it kind of gets gets to the heart of the question of your Weighing. Customers need for convenience against the demand of them. Maybe so wanting that personal touch. And I'm just curious, sort of, how you think about that when you think about bringing technology into the bank in space, how you make sure you're not trading convenience for the person for the personal human touch. Karen, can you talk about? I look in it. It's a wonderful thing, and I have a feeling that we're going to share a lot of including being a very old bank work with around 3 to 28 years or something. But how you bring that legacy to to the New Age because it's not just for millennials. It's about changes in the way we do things exactly what you're pointing. Thio. So I so love stories of pepper because we're all having tea basically do that dynamic. How do you take something that is cold and heavy and established and do something that's nimble and quick and really has this way? Went from this process where we started with product centric. How do we digital, you know, digitized products to make it more convenient. And then we went to client service, and now we're talking about clients experience. It's not stopping with what, exactly the statistics that you're pointing, Thio say. Not just how do we make life more convenient, but with financial service isn't all kinds of things now weaving theirselves into fabric of what we d'oh imagine going to bed at night, going saying, Hey, Google or Hey, Alexa, pay Khalil school bill right? And having that just done it, it's just done having that woven in and the way that we're doing that is exactly I think a bit is described your having to manage that footprint across the new thing, um, and being very nimble and innovative and thinking more widely as well. It's holding the old stuff the old stuff has to pay for it for two reasons, really, in my mind and it is a legacy. One of it is, you know, there's a lot of regulation. It's hard to be nimble when you are. You have such a long history. I'm sure you have the same one, you know, at Barclays, because we've been around for so long. Andi spend billions on technology every year. I would love to spend. We will all look to spend those billions on innovation and new things. And how do we bring new experiences to clients? The reality is a large part of that has to be supporting old infrastructure, making sure that software and data keeping data for regulatory reasons and others that we had for 20 years, 30 years, making sure that that old software still work. So if we ever get called by a regulator, we can pull it back up, and that is a massive challenge. The other one is really important. It's really important for financial institutions, not just as we think about planes experience, but remembering our place in the ecosystem, our place in society. So we generally speaking when we think through branches and we have the same observations with you. Then the people who physically need a branch is decreasing, right. We're finding ways to bring that interaction of many people. Yet there are certain things that we watch out for. We have very close relationships with all of not just our regulators, local communities, local governments, et cetera. And that is, we want to be sure that there is a branch open for people in local communities. We want to make sure that there's an A t m available two people. And there was almost a bit of a game in the UK who could pull up first, not the last man standing. And I'm a bit proud of in terms of the institutional way that we've thought about it, to say, Look, we have to make sure that we do fulfill the entirety of the of the need both for clients who really, really think about being able to walk down the street and have their banking meat served as well as people like your husband, my husband, my biggest credit health. I'm not a millennial, but you know, I'm sure another exact people who jump online and say 15 minutes. I'm done. I had my credit card. It can use it anywhere, Any place, any account finished. And so you take in sort of a with pepper. Your goal was to disrupt from within. You. Can you just explain why you took that approach and what you did? How you got the culture of your institution to embrace that as well. Actually, the cultural was the main challenge. Yeah, and we do it. If you said way have journeys, one is to adapt gloomy incumbent on me to the new world like everybody does. And besides that, we decided to start from scratch with Pepper the way we did it. We actually built it as a startup incubator within Lumi. But it's a sort of People are much younger. They're separated in a different place. Mm. It was It was challenging to convince the people that we're not cutting the tree. We're sitting on rather reinforcing the tree. He took some time, but I think they don't know. And one of the things that is interesting that pepper, when you look at the breakdown off the customers of Pepper Loomis customers is only 32% of the customers and no means marketer and return 25%. What? What does it mean? That actually we are disrupting ourselves, But we are destructing the whole market, right? Right, So we're not just taking clients from you, me and the whole market. Just because I completely agree with your rock. If it absolutely the culture, it's literally the culture. That's the hardest to change. And for those of you who don't finance you think about some costs and you say, How do you leave that behind is an organization and say it's not about reusing and leveraging digitizing old product. It's literally about disruption. I feel is, though, that building that that cultural changes the hardest part. I think the second real challenge that we have, and it's wonderful that you've done it. We've have pockets, we build innovation and our biggest client leave him alone. They don't require them to use anything else, because in most circumstances the second big challenge we have is how do we think about people who don't feel that they need to build everything in health right When we send billions on technology, it's hard for us to convince the institution actually working in partnership, as we've seen recently with many financial institutions, whether it's Facebook or Apple or Google or uber or any of them. How do we work better in partnership using the ecosystem that's out there and get away from this idea that the end and with hundreds or thousands of software engineers has to be serviced in completely in health? And that's also a massive cultural shift change, particularly when it comes to things like, you know, security for our customers and making sure that that is the holy Grail of everything that we would we would put out or get gonna go take questions in just a bit. So start thinking. But rock, if I wanted to ask, um in terms of we always talk about disrupt our an incumbent vs, uh, legacy And is that right? I'm sorry and comment versus a disrupter. And is that right? I mean, I guess you got to that point of it sort of the line blurring or the part partnerships being established between those two groups is that I mean, is that the right way to think about it? I mean, should we actually actually won? People always mix the challenger banks with digital applications of the incumbent. Many times they asked me, Why did you need Pepper? You have gloomy dot com what we call umi digital, which is the great up, actually the best in Israel. So what do you need? Pepper? And there is a huge difference between the two because Lumi dot com is a digital skin over a non digital buddy. Because Lou Meet is almost as we said, 120 years old, and it has lots of I T systems, all convoluted together, and on top of it, we build a digital skin. Okay, so it's like more like window dressing than the real thing. Now, when we build pepper, pepper is the new bank from scratch, and it was built on a new I t. A new technological system. So everything is much more up to date and banking Israel time, which we don't have in regular banks, time to market for new products and connect to new fintech. He's very, very short, and it's much more personalized. When you talked about the branches and you said, Well, don't don't miss the match. We think that it's more personal life and the people in the branch because the the end of the day when people come to break the branches this don't remember each and every one of them. What you having this f which is very personalized. You have a basis. So it gives you the right hip and the right offer. It is very, very specific to you. She's very, very You just brought us such a wonderful point because you're right, Chloe, you bring up branches and we traditionally think about branches is being the thing that anchors us in the physical. The reality is it's almost the data that's worse, you know, literally decades upon decades of data. And it can towns itself in several of manifestations. One of it is, where's the data stored? All of the physical data that actually stored. I'm talking about the electronic use of that. And then all of the software that's built on top of that And then, you know, we talk a lot about golden source data. Exactly it. Time to market golden source data. How do I go among? I don't know, 15 2040 different systems buildup and actually figure out what data don't need from a client 100. I was gonna try t o tryto grab that data and then launched a new product. Okay, The very basic thing. How do we go to the web? Be nimble, be acid. Light is an institution. How do we do that? It is just such a mind bogglingly difficult thing. Both German expense from a golden day. How do we pull it all together on then when you just think about the again? I go back to always thinking about people, and this is a new age where people owned their own data. Okay, whether it's regulatory lee and mandated or whether it's people, people own their own data. You can't simply say we're going to create this golden source of data and move things because it's more convenient for us to bring you better service to go back through millions and millions of clients and say we would like to take these 16 manifestations of your data held across potentially hundreds of platforms and co located in a single weight in the cloud that we conserve you better. That is very fortunate to achieve. And so when we talk about branches, that's the tip of the iceberg and That's why I think you know your spot on if we want to be. And we see this, you know so much more. Barkley, find BMB barking mobile out of mobile app in the world. Also skin never for the exact same, probably with PSB to skin skin. And that's the difference. Is the whole thing with the body, right? Are there any questions from the audience early? I feel like we have one over there. Great. Can you just remember to introduce yourself? Hi 100 Wallace from DeLay. Piper, where we are trying to innovate and lawyers are not typically very good at that. Um you talk about and you've been talking about We heard yesterday talk about innovation and a I and how people think it's critical, but they're not actually moving and implementing. And it sounds like that's absolutely what you're doing. And I think one of the challenges we have is people assume that innovation means they're gonna lose their job. How do you bring if you're introducing new things all the time and you've got the legacy on the established personnel but not used to this sort of innovation? How do you bring them along with you. Is that a question of retraining? Is a question of selling the message to them. Or how do you bring those people along? That might be not used to that innovation that you're introducing all the time. Do you want to take that? Yeah. I could make it. I will just tell you that. Actually, Lou me, it's even. It's much harder because we have what we call a 10 year employment. It means that whenever we start Mm. People come at the age of 24. 26 we employ them. Kill the 67. So we need a look to do a lot. The deal with this and yes, everything. You said that the main thing is to try to to win their minds and hearts, that they will be convinced that you are taking the organization to the right place. And then they will go after you some time off them. They need to see the success. They will not come before, but many of them, if you convince them. If you talk about it. If you lecture which war because what we did get to the question about culture again. Do you have anything to add. Just look eighties and it is a conundrum. I mean, we love innovation. We love uses a I we looked launch new new products, and I think that's one of the things, particularly in the UK, are home market that we pride ourselves on what we're happy with. And again, we're changing the mindset about saying, How do we use ah wider ecosystem to help us deliver that more quickly? But it's often the best ideas that come from in health so well, we use automation. Somebody's implementing the automation, and if we can use the people were, you know, we can retrain and upscale people to handle both sides of that. It's something that we're always very cognizant of. Bond. We just We feel that we have a wonderful talent pool. Investment in our colleagues is huge for us, but it does mean that we all have to move along with the industry and moved to serve our clients better on every single day. And that will require some heavy lifting and some rethinking about our rural workforce and how we work with people. Wait, we're actually out of, but you can find maybe Karen and rock if it afterwards if you have any questions, but we unfortunately have to move on to our next panel. But thank you so much to both of you for being here. Really? Appreciate. Thank you. Here.

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