Barclays CEO Getting Rid Of 'Aggressive' and 'Self-Serving' Culture, Bonuses To Be Cut Back Further

Bob Diamond At Davos

Barclays had an 'aggressive' and 'self-serving' culture under its former boss, the new chief executive has told MPs.

BBC News reports that Antony Jenkins told the parliamentary committee on banking standards that he was 'shredding' the legacy left by his predecessor Bob Diamond.

He confirmed bonuses would be cut, and he would waive his own.

He said he need not have resigned even though he was in charge at Barclaycard during one mis-selling episode.

Earlier, the bank said it had set aside another £1bn to cover the costs of the mis-selling of payment protection insurance (PPI) to individuals and interest rate hedging products to small firms.

Jenkins was in charge at Barclaycard at a time when PPI was mis-sold. He said the bonus pool for 2012 had already been "substantially" reduced and would be cut further owing to the mis-selling issues.

Hit the link below to access the complete BBC News article:

Barclays boss 'shreds' Bob Diamond legacy

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