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Barclays has terminated its relationship with Global Counsel, the lobbying firm founded by Lord Peter Mandelson, as new revelations about the firm’s close links to Jeffrey Epstein threaten to spark an exodus of clients.
The UK bank ended its relationship due to its frustration with the firm’s handling of Mandelson’s remaining stake in the firm, a person close to the situation said.
Vodafone is also reviewing its contract for public affairs services with the firm, according to a person familiar with the telecoms company’s thinking. Vodafone said that its “current one-year contract ends in March” and that “no decisions have been taken regarding its renewal”.
Mandelson still owns a stake in Global Counsel, despite stepping down as chair in 2024 when he was announced as Britain’s ambassador to the US. He lasted less than a year in the role before being fired in September 2025.
Global Counsel had been telling clients since then that it would cut ties with Mandelson and that he would divest his stake.
The advisory firm told clients this week that the divestment was at an advanced stage. However, it remained unclear whether its 20 per cent shareholder Messina Group, which has a board veto, was supportive of the firm’s proposed plans.
The latest developments come after the FT reported that Mandelson and his co-founder Benjamin Wegg-Prosser had consulted Epstein on the set-up of the firm, which was founded in 2010 after Mandelson left government.
Mandelson continued to seek advice from Epstein on client contracts, leads and potential deals after that. Wegg-Prosser, a former Labour aide, was also in direct communication with Epstein on two occasions, documents released by the Department of Justice showed.
The revelations contradict a previous claim from Wegg-Prosser that “GC has never had any dealings with Jeffrey Epstein”.
Global Counsel’s other clients have included JPMorgan Chase, Palantir, Shell, Santander, Anglo American and the Premier League.
Barclays and Global Counsel declined to comment.