Barclays, hosting its annual meeting Thursday, has pledged to improve the bank’s relationship with regulators and evaluate pay following recommendations made in a review by Rothschild Vice Chairman Anthony Salz.
Responding to the report, commissioned by former CEO Bob Diamond, Barclays said it would 'develop open, transparent and cooperative relationships' with its regulators globally, complying with “the spirit as well as the letter” of rules, in a statement on its website.
Bloomberg reports that Salz’s April 3 report, conducted after the London-based bank was fined $443m for manipulating Libor in June, criticized the lender for failings in its culture and urged it to improve openness and transparency.
In parts of the company, there was 'a sense that senior management did not want to hear bad news', which 'contributed to a reluctance to escalate issues of concern', according to the 236-page report.
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Barclays Pledges Better Regulator Relations in Review Response
image: © Elliot Brown