Barclays has been called on to “stop behind the music and face it instead” after the bank suspended its sponsorship of music festivals staged by promoter Live Nation, including Download, the Isle of Wight and Latitude.
The move follows several acts pulling out of the events in protest at the bank’s investment links to arms companies that trade with Israel.
It also follows just weeks after investment firm Baillie Gifford ended its sponsorship of Stratford Literary Festival after its sponsorship came under scrutiny by campaigners over claims it has links to fossil fuel firms and Israel.
Artists including country singer CMAT, metal band Ithaca and comedian Joanne McNally all withdrew from planned slots this summer at Live Nation events.
The bank puts in six-figure sums to help state the events in return or sponsorship, it is understood.
Greenpeace UK’s co-executive director Areeba Hamid said: “Live Nation have done the right thing by stepping away from their Barclays sponsorship. It’s time for Barclays to stop hiding behind the music and face it instead.
“This bank is the biggest fossil fuel funder in Europe, bankrolling oil and gas to the tune of billions of pounds, and has now been linked to arms companies involved in the conflict in Gaza.
“By putting an end to the greenwashing, festival organisers are sending a clear signal to Barclays that it’s time they took responsibility for the destructive industries they fund.”
The bank inked a five-year sponsorship deal with Live Nation in 2023. It is understood that the suspension does not apply to the full term of the contract.
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A spokesperson for Live Nation said: “Following discussion with artists, we have agreed with Barclays that they will step back from sponsorship of our festivals.”
The pulling of sponsorship follows more than 100 artists boycotted Brighton’s Great Escape Festival in May over the event’s ties to Barclays.
Angry campaigners argue the bank is increasing its investment in arms companies that trade with Israel, amid the ongoing war in Gaza.
A spokesperson for Barclays told the BBC: “Barclays was asked and has agreed to suspend participation in the remaining Live Nation festivals in 2024.
“Barclays customers who hold tickets to these festivals are not affected and their tickets remain valid. The protesters’ agenda is to have Barclays debank defence companies which is a sector we remain committed to as an essential part of keeping this country and our allies safe.”
Barclays added that the protests had led to intimidation of staff as well as its branches being vandalised.
“The only thing that this small group of activists will achieve is to weaken essential support for cultural events enjoyed by millions,” they added.
“It is time that leaders across politics, business, academia and the arts stand united against this.”
Barclays is also facing demands that it end its financial support for fracking firms.
