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Banks must be ‘socially useful’ – Barclays boss

Banks must be ‘socially useful’ – Barclays boss

Category: Banking

Updated: 05/10/2012
First Published: 05/10/2012

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The chief executive of Barclays Group, Antony Jenkins, has claimed that the UK's banks must become 'socially useful' in order to rebuild trust and integrity.

Speaking to the BBC, Mr Jenkins said that scandals within the banking industry, such as the miss-selling of payment protection insurance (PPI) and the fixing of inter-bank rates, had knocked consumers' faith and that Barclays had a particularly "significant job to rebuild trust".

Mr Jenkins said: "I do believe that Barclays has a significant job to rebuild trust, but I'm also confident that we can.

"It goes back to what we do: if we serve customers and clients in a way that is socially useful, then we will rebuild that trust.

"You need a vibrant banking system to have a vibrant economy. What's important is that people judge us by our actions," he declared.

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