Barclays to End Sponsorship of London Bike Program | NY Times
LONDON – The British bank Barclays is ending its sponsorship in 2015 of a bike-rental program in London that inspired a similar bike-sharing program in New York.
Barclays is currently evaluating all of its sponsorship commitments. The bank continues to reel from revelations last year that its traders manipulated the London interbank offered rate, a benchmark interest rate known as Libor.
The current sponsorship deal for Barclays Cycle Hire, which was signed in 2010, is set to end in 2015.
The agreement could have been extended to 2018, but Transport for London, the London transit agency, is looking for a new sponsor to help underwrite its efforts to greatly expand the program in the next few years. The program is preparing to expand into southwest London this week.