Culture Change - Will Barclays Succeed Where Others Have Failed ?

Most corporate annual reports specialize in self-promotion and accentuating the positive. But the 2012 annual report of Barclays reads like a mea culpa.

Fortune magazine reports that when Barclays was fined a whopping $453 million by regulators in the U.S. and U.K. based on allegations that the bank manipulated the Libor rate - which affects the prices banks charge each other to borrow money and influences fees for various loans and home mortgages - CEO Antony Jenkins vowed to overhaul and shake up the bank's culture.

Of course, Barclays wasn't alone. UBS and Royal Bank of Scotland were fined in the interest rate-rigging debacle.

The opening pages of Barclays's 2012 annual report are clear and explicit about what must be done: 'Changing Barclays culture is a critical component in rebuilding trust and real change is required'.

Transforming the culture of a financial services company like Barclays from one where flouting rules is pervasive to one where bankers follow regulations is no simple task.

Hit the link below to access the complete Fortune article:

Barclays Aims For Redemption

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image: © Dick Johnson

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