Barclays hit by major IT outage on tax deadline day

Published On Jan 31, 2025, 9:42 AM

Barclays is experiencing a significant IT outage impacting its banking app and online services, affecting customers' ability to make essential transactions like payments and purchases. This issue is particularly critical as it occurs on payday for many and the deadline for tax returns. While Barclays claims that cards and cash machines are functioning normally, numerous customers reported difficulties accessing their funds. The bank has apologized and is in contact with HMRC to ensure customers aren't penalized for any related payment delays. This incident follows a pattern of past outages affecting various financial institutions.

Stock Forecasts

BCS

Negative

The ongoing IT issues and negative customer sentiments may lead to a temporary decline in Barclays' customer trust and satisfaction. In the short term, this could affect their stock as investors react to customer frustration and potential financial repercussions.

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