Culture Change Essay

Submitted By mhamha12
Words: 399
Pages: 2

Barclays
Chief executive Antony Jenkins unveils new values: respect, integrity, service, excellence and stewardship
Barclays new CEO Antony Jenkins has announced details of his strategic review in the wake of Libor-rigging, the bank's role in PPI mis-selling and other scandals. Libor stands for London Inter-Bank Offered Rate and basically, it was a yardstick which was developed by the regulators and the Bank of England which started to be used around 1985.
The Libor priced the loans made to either building societies - essentially to you and I - or commercial loans to small companies.
Jenkins has pledged to rebuild the bank's reputation by fundamentally changing the culture under which its traders operate, including changes to payment protection insurance selling and staff bonuses.
Barclays has said it will cut 3,700 jobs following a strategic review, as it aims to reduce costs by £1.7bn, Almost half of those job losses will come at its investment bank.
Shareholders were happy with what Jenkins said and their shares went up by nearly 9% their highest in 2 years.
(feb 2013)

Barclays
Chief executive Antony Jenkins unveils new values: respect, integrity, service, excellence and stewardship
Barclays new CEO Antony Jenkins has announced details of his strategic review in the wake of Libor-rigging, the bank's role in PPI mis-selling and other scandals. Libor stands for London Inter-Bank Offered Rate and basically, it was a yardstick which was developed by the regulators and the Bank of England which started to be used around 1985.
The Libor priced the loans made…