Barclays and HSBC bankers donated over half a million dollars to US political candidates ahead of the midterm elections.

Bankers who are employed at the two UK-headquartered giants flooded cash into US political figures as  millions of Americans headed to the polls.

Donors listing Barclays or one of its subsidiaries as an employer contributed just over $344k (£256k) to candidates since the beginning of 2025, according to Federal Election Commission figures. 

Chief among those was a whopping $70k from the investment bank’s banking chairman Alexander Lynch, whose sum was sent to the House Victory Project, a fund split across Democrat candidates.

HSBC staff donated over $163k, according to FEC data. This was led by Mark Schuermann, head of public affairs in the US, who donated around $18k to the bank’s Political Action Committee (PAC).

The group has different PACs which are financed by voluntary employee donations. This pooled money is kept separately and is isolated from company profits to comply with campaign laws. 

A HSBC spokesperson said: “HSBC Political Action Committees are committees formed by eligible employees and they are not controlled by HSBC nor use HSBC funds.”

They added the committees operate in a “bipartisan manner contributing to candidates of all political parties” and seek to ensure “an even split between parties”.

The bank focuses its US operations on international commercial banking, wealth management, and wholesale markets. It has major coastal hubs like New York, San Francisco and Miami.

US gears up for ‘referendum on Trump’

Of the big four UK banks, Barclays and HSBC have the greatest presence in the US. Individuals listing Natwest and Lloyds Banking Group as their employers donated around $5k collectively.

Barclays operates a major investment banking and corporate presence based out of New York. It also has a targeted consumer business focused primarily on co-branded credit cards with American airlines and retailers. 

A Barclays spokesperson said the bank is a “politically neutral organisation and does not engage in party political campaigning or make party political donations”.

They added that colleagues involved in political activity in a personal capacity have “a responsibility to make sure that this is kept entirely separate from their duties as an employee” and that Barclays’ funds are not used for political purposes.

The US midterms will contest all 435 seats in the House of Representatives and 35 out of the 100 in the US senate. 

It is broadly expected to be fought on issues around the economy with many pollsters viewing the elections as a referendum on Donald Trump.

US inflation accelerated to 3.7 per cent in September 2026, above market expectations and up from 3.4 per cent in each of the previous two months.