Barclays Is Now The Most Hated Bank In Brooklyn

barclays stadium

Stadium deals can be great PR for a bank — see the Wachovia centre and Bank of America Stadium — but they can be a disaster too — see Citi Field.

Barclay’s chief Bob Diamond (far right) joined Jay-Z, Paterson, and Bloomberg in breaking ground for the extremely controversial Atlantic Yards project yesterday.

Barclays paid a reported $400 million for naming rights to the New Jersey Nets stadium in Brooklyn. The UK bank has been rumoured to be making a move on retail banking in the U.S.

But not only did they put their name behind the worst team in NBA history, they also signed on to the most-hated development project of all time. At least in Brooklyn.

Beyond police escorts, the shovel party was surrounded by a crowd of angry protesters. Brooklynites don’t want to pay for the new stadium, deal with traffic, or let local buildings be torn down, according to The Brooklyn Paper.

See Bob Diamond’s shovel party with Jay-Z and Beyonce and an angry mob >

Bob Diamond was awed by his new partner, Nets co-owner Jay-Z

Beyonce was there too!

But on the streets of Brooklyn they were angry

Protesters condemned Eliot Spitzer and developer Bruce Ratner

They called the stadium an affront to Brooklyn

A serious blow to Barclay's New York cred... and to Jay-Z's

See more about Barclays in America

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.