• paul posted an update 10 years, 12 months ago

    QUOTE FROM BARCLAYS CHAIRMAN SIR DAVID WALKER SEPT 2012
    addressing the Parliamentary Commission on Banking Standards joint committee, set up in the wake of the Libor-fixing scandal at Barclays, Sir David said in the recent past boards and banks had “not focused on culture”.
    “If anyone in the organisation faces any decision that he or she is taking in relation to a client and there’s a choice between profit and reputation it’s clear where priority should be given,” he said.

    “Reputation should be the driver and profit should come second in any choice. I would start by changing the remuneration structure and inappropriate incentivisation.”

    CLEARLY THIS INSTRUCTION IS NOT FILTERING DOWN TO JUNIOR MANAGERS WHO CONTINUE TO IGNORE THAT IHT \ EQUITY RELEASE PRODUCTS WERE SOLD IN SPAIN BY IFAs WITH THE FULL KNOWLEDGE OF THE BANK..
    .
    IF THESE JUNIOR MANAGERS PERSIST IN DENYING THAT THESE PRODUCTS WERE FLAWED AND REFUSE TO TAKE ACTION TO PUT BARCLAYS CUSTOMERS BACK INTO THE POSITION THEY WOULD HAVE BEEN BEFORE THE BAD ADVICE BARCLAYS INDEED WILL ONCE AGAIN BE FIGHTING TO REGAIN LOST REPUTATION.

    I WOULD SUGGEST ANYONE MEETING WITH CARRY IN JUNE SHOULD REMIND HER OF THE ABOVE STATEMENT BY SIR DAVID .