CAMPAIGNERS accused Barclays today of “shamefully profiting from genocide” after new research revealed that the bank has substantially boosted its investments in the Israel arms trade in the last two years.

The research, conducted by Palestine Solidarity Campaign (PSC), Campaign Against Arms Trade (CAAT) and War on Want, found that the bank now holds over £2 billion in shares and provides £6.1bn in loans and underwriting to nine companies known to be producing weapons and military technology used by Israel.

The new research also found that Barclays now holds £2.7 million of shares in Elbit Systems, Israel’s largest weapons manufacturer, more than doubling its holding since 2022.

The bank also invests over £100m in General Dynamics, which provides gun systems for the fighter jets used by Israel to bombard Gaza.

The report says that by providing investment and financial services to these arms companies, Barclays is facilitating Israel’s attacks, and is enabling the companies to acquire new companies, gain more market share, and increase their profits.

The bank has been facing a major boycott campaign, with over 2,500 customers closing their accounts over two days of action.

Palestine Solidarity Campaign director Ben Jamal said: “Barclays is bankrolling Israel’s assault on Palestinians in the Gaza Strip. 

“It is shamefully profiting from and complicit in a genocide. Rather than heeding voices of conscience, which includes thousands of former customers, it seeks to make more money from the misery, pain and death of Palestinians. 

“We call on everyone to join our campaign; to close their accounts with Barclays, pledge never to bank there until it ends its complicity, and picket branches across the UK.”