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Barclays pledges to clean up its image

Barclays pledges to clean up its image

Category: Banking

Updated: 11/09/2012
First Published: 11/09/2012

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The new chief of Barclays, Antony Jenkins, has pledged to clean up the bank's tarnished image following the recent run of scandals.

Mr Jenkins claims that 'quick and bold' reforms are required to repair the bank's damaged reputation and confirmed the bank would not be broken up as part of the changes.

Barclays has already announced that its tax structuring unit will be down-sized as part of the process and is currently in the process of reviewing which products and services should remain.

Chief executive of Barclays investment banking, Rich Ricci, said:"We have to take a fresh look to see if there are products and services in which … we no longer deem it appropriate to do business, regardless of financial return.

"For example, elements of our tax advisory business have generated negative media and political attention," he added.

Barclays has been dogged by controversy over the past few months. Allegations of traders manipulating Libor rates, resulting in the resignation of senior management, and breaching of US sanctions by making secret transactions with Iran has meant the bank has never been far from the front page.

Anthony Jenkins replaced Bob Diamond as chief executive at the end of last month.

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