Barclays 'in need of culture overhaul'
Published 04/04/2013 | 04:20
Barclays must go further in overhauling its pay practices after a culture of "overly generous" bonuses put profit first in the run-up to the bank's Libor scandal, an independent review has found.
A report by top lawyer Anthony Salz, who was commissioned to look at the bank's culture following its £290m Libor settlement last year, found Barclays became "too complex to manage" and that excessive pay and bonuses saw some bankers believe they were "unaffected by the rules".
In the 244-page report Mr Salz calls for Barclays to ensure pay is linked to the "long-term success of the institution".
Sir David Walker, chairman of Barclays, admitted the report made for "uncomfortable reading", adding that the company "must learn from its findings".