• Barclays has divested all shares in Elbit Systems, Israel’s largest weapons producer, following a year-long campaign by Palestine Action.
• Activists employed disruptive tactics to force branch closures, successfully making investment in Elbit more costly for Barclays.
Recent reports indicate that Barclays has divested entirely from Elbit Systems, Israel’s largest weapons producer. This significant decision comes in the wake of a direct action campaign focusing on the bank. This included 54 separate actions taken over the course of one year, including a nationwide mobilisation that protested in nearly 20 Barclays locations in a single day.
The UK banking powerhouse reportedly held some 16,345 shares in Elbit Systems. However, according to most recent US Securities and Exchange Commission (SEC) filings, it reported that 0 shares are now held, since the previous filing, dated 15 May 2024, worth over $3.4 million.
Palestine Action, a prominent activist group, spearheaded the campaign against Barclays due to its investments in Elbit Systems. The group’s objective was clear: to make the cost of investing in Elbit outweigh any potential financial gains for the bank. Their strategy proved effective.
Activists pressurised for the closure branches, employing various tactics that including covering storefronts in blood-Red paint. These disruptive activities were designed to hit Barclays where it hurts—financially.
Barclays have now pulled all its shareholdings in Elbit Systems for the first time in a decade. This move signifies a substantial shift in the bank’s investment strategy and reflects the power of grassroots activism in influencing corporate behavior.
Palestine Action has issued a clear warning: should Barclays consider reinvesting in Elbit Systems in the future, the group will be ready to respond with renewed activism and pressure. The campaign against Barclays illustrates the growing impact of organised movements challenging corporate complicity in the Israeli genocide on Palestine.
In July 2024, the prestigious Lancet journal reported that the Israeli onslaught on Palestine has led to over 187,000 Palestinian deaths, the majority of whom are children.
