Barclays pledges to clean up its image - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

What Next?

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.

6 of the best high interest current accounts

At one time, savings accounts were the only sensible place to put your hard-earned cash if you wanted a meaningful return, but unfortunately, that's no longer the case.
 
Close