3 April 2013
The Salz Review (“the Review”) of Barclays’ Business Practices has today delivered its report to the Board of Barclays PLC (“Barclays” or “the Group”). The full report, which has been published at Barclays’ request, is now available at the Review website www.salzreview.co.uk.
The Review was commissioned by the Board of Barclays in July 2012 as an independent external Review of Barclays’ business practices to be led by Anthony Salz. The Review’s mandate is to determine how Barclays can rebuild trust and develop business practices which make it a leader, not only among its business peers, but also among multinational corporates more generally. The Review is not mandated to determine the truth or otherwise of allegations surrounding past events, or to pass judgement on the shape of the business or strategic decisions previously taken. The Review’s full terms of reference can be found on page 168 of the Review’s report.
Over the course of the Review Process, the Reviewers conducted over 600 interviews with key Barclays and industry stakeholders. The Reviewers are extremely grateful to everyone who gave up their time and provided input.
Commenting on the Review, Anthony Salz said:
“Banks matter. Barclays is a major institution which daily touches the lives of millions, operates in more than 50 countries and employs 140,000. Despite its turbulent recent history, Barclays has emerged from the financial crisis, somewhat against the odds, as one of the world’s leading banks. But this has been achieved at a cost. Significant failings developed in the organisation as it grew. The absence of a common purpose or common set of values has led to conduct problems, reputational damage and a loss of public trust.
“We believe the recommendations in this Review provide a framework for Barclays to address the shortcomings we have identified and a roadmap to help it restore trust and its reputation. We note that Barclays’ CEO Antony Jenkins, supported by the Board, has announced a programme to address the Group’s problems and we are supportive of its direction and aims. Changing an organisation as large as Barclays will not be easy. It will require perseverance, consistency and implementation at all levels of leadership. And it will take time.”
Citigate Dewe Rogerson
Grant Ringshaw 020 7282 2851
Tom Baldock 020 7282 2889 / 07860 101715
Jos Bieneman 020 7282 2979 / 07834336650