Banks historical links to the slave trade

HSBC merged with Midland Bank in 1992, a predecessor of which – the London Joint Stock Bank – has clear links to slavery. Its first manager, George Pollard, jointly received equivalent to £230,000 today for giving up 134 slaves in Nevis.

HSBC said:

“We are committed to learning from the past and, in particular, anything that would be inconsistent with our values today. HSBC has zero tolerance towards racial discrimination, or any other type of discrimination.”

Eight former companies associated with Lloyds Banking Group have links to those who claimed or received compensation for the banning of slavery. In the 1860s, the bank merged with several other institutions. John White Carter was director for one of these and received compensation for owning 80 people enslaved over five estates.

Lloyds said:

“A lot has changed during the 300-year history of our brands and while we have much within our heritage to be proud of, we can’t be proud of it all.

We stand against racism, slavery and discrimination in all its forms and truly believe that by reflecting, understanding, promoting, and valuing the diversity of our colleagues, we will deliver better results. We can do more, we can do better and we will do it together.”

Barclays is made up of 250 predecessor banks, one of which - the Colonial Bank - clearly indicates its role in the British Empire.

Two managers, a subscriber, and three directors have been named on the UCL website as either having been involved in the slave trade or having received compensation. Barclays told The Guardian:

“The history of Barclays, like other institutions, is being examined following recent events. We can’t change what’s gone before us, only how we go forward.

We are committed as a bank to do more to further foster our culture of inclusiveness, equality, and diversity, for our colleagues, and the customers and clients we serve.”