In the report commissioned by the bank after it was fined $428m for manipulating Libor in June, Rothschild vice chairman Anthony Salz criticized Barclays for failings in its culture and urged it to improve its openness and transparency.
Commenting on the Report, Sir David Walker, Chairman of Barclays, said:
'The Salz Review was commissioned by the Barclays Board in July of 2012 in the immediate aftermath of the publication of the LIBOR settlements. Its terms of reference were, broadly, to examine the bank’s values, principles and standards of operation – the historical culture - and to make recommendations for change.
'The Board asked for an insightful, rigorous, and, crucially, independent view of how Barclays could improve. Informed by unprecedented access to the bank and its people, that is precisely what we have received, and I thank Anthony Salz and his team on behalf of the Board for the very great effort and care they have taken in their work.
'The report makes for uncomfortable reading in parts. That is bound to be the case when one asks for an independent examination of this kind, and we must learn from the findings. Our initial review of the report’s recommendations is that they are substantially aligned with work already progressing under the Transform programme that was initiated and is being led by Antony Jenkins, overseen by the Board.
'We will now give the document careful consideration. Our plan is to report back in advance of the AGM on how we intend to implement the recommendations made, particularly those that go beyond the scope of work already underway'.
image: © Dick Johnson