The Church of England has accused Barclays of having 'repeatedly let down society' and called for a 'fundamental turnround' in the bank’s culture, in its annual investment report published on Wednesday
The Financial Times reports that the Church – a Barclays shareholder – said it had singled out the bank for 'intensive engagement' and is still in discussions with management, a year after it voted against pay packets at the bank.
The report said the Church was seeking 'robust assurance that, having repeatedly let down society with its conduct, Barclays is making a determined and successful effort to effect a fundamental turnround in culture'.
In the meantime, Reuters reports that Goldman Sachs won dismissal on Tuesday of fraud claims brought by a bond insurer over a CDO tied to subprime mortgage securities called Abacus.
In a 3-2 decision, a New York state appeals court dismissed a complaint by ACA Financial Guaranty accusing Goldman Sachs of fraudulently inducing the company to insure the CDO, or collateralized debt obligation.
Barclays let down society, says Church (subscriber content)
image: © Dick Johnson