Barclays report by Salz sheds light on the high street bank

An independent review has highlighted aspects on Barclays’ culture

18:02 04 April 2013

A report on the well-known High Street bank Barclays has been published. This relates to the culture of Barclays, with the report coming out on Wednesday, 3rd April. Investment banker Anthony Salz lists what has been found out in the report, in around 230 pages.

This comes after the former Chief Executive of Barclays, Bob Diamond, organised a review into the culture of Barclays.

 

It was stated in the report that the culture involved a ‘win at all costs’ slant. It reads as, as reported by The Telegraph: “It was sometimes underpinned by what appeared to have been an 'at all costs' attitude.”

 

Adding that it “comes at a price: collateral issues of rivalry, arrogance, selfishness and a lack of humility and generosity”.

 

The Chair of Barclays has commented on the report. Sir David Walker said that it made for ‘uncomfortable’ reading in certain areas, but he stated the group have to take heed of it.

 

As pointed out in an article by The Independent however, Sir David also explained that with regards to some of the things mentioned in Salz report, there were already plans.

 

When it comes to Barclays being in the media spotlight, as other banks have been over certain things, the group has been linked with the Libor scandal. This relates to Barclays receiving a fine of £290million.

 

Also, the company has allocated an amount of money to the area of mis-selling; whereby Barclays had many millions put into affording payment protection insurance (or PPI) claims.