“…last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside”.
The bank has started an independent review of its business practices:
“The Board has also agreed to launch an audit of our business practices. This audit will be led by an independent third party reporting to Sir Michael Rake and a panel of Non-Executive Directors. It will have three objectives:
- to undertake a root and branch review of all of the past practices that have been revealed as flawed since the credit crisis started and identify implications for our business practices and culture going forward;
- publish a public report of its findings; and
- to produce a new, mandatory code of conduct that will be applied across Barclays.”
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