Barclays told to rein in pay
The logo of Barclays bank is seen at its office in the Canary Wharf business district of London Canada Goose Jackets April 1, 2013. REUTERS/Chris HelgrenIn what Britain second largest bank described as reading the review said the group rapid transformation from domestic retail lender to global universal bank created canada goose coats a canada goose store sprawling set of businesses with their own culture and an emphasis on profit, sometimes at all costs.Investment banking leaders were ambiguous about right and wrong, the report said.was a very short term focus on profit which led to a problem with culture and values, Anthony Salz, a veteran lawyer who wrote the 236 page report at Barclays invitation, told canada goose black friday sale Reuters.appeared to emphasize financial performance rather than looking after customers. That was reinforced by the pay structures.Barclays is to achieve a material uk canada goose improvement in its reputation, it will need to continue to make changes to its top levels of pay Canada Goose Outlet so as to reflect talent and contribution canada goose clearance sale more realistically, and in cheap canada goose uk ways that mean something to the general public.The rock roll style rewards earned by top investment bankers at Barclays prompted an outcry among austerity weary Britons last year after the bank was fined $450 million for its role in manipulating global benchmark buy canada goose jacket cheap interest rates.Barclays hired Salz, Canada Goose Coats On Sale who is vice chairman of investment bank Rothschild, buy canada goose jacket to review its culture and business practices after the rate rigging scandal.His https://www.thecanadagooseoutlet.com report, which cost the bank nearly 15 million pounds, made 34 recommendations with improvements in pay looming large, including a greater Canada Goose Online link to long term performance.While Barclays has cut overall remuneration levels, compensation for the top 70 executives was consistently above the average at other banks, the report said. Barclays paid some 428 employees one million pounds or more Canada Goose online last year.Since the report was commissioned, Barclays has appointed former retail banker Antony canada goose clearance Jenkins as chief executive to overhaul its culture and focus.Salz said the canada goose uk shop bank long term incentive programs, which have resulted in maximum payouts of on average eight times salary for senior investment bankers, remained overly complex.Barclays, which is reviewing the plans, said it would report back on how it intends to implement the recommendations before its annual shareholders meeting on April 25Jenkins has promised profound changes uk canada goose outlet in behavior and culture but acknowledged it will take canada goose uk black friday five to ten years to achieve them. In January, he told staff they should leave if they do not want to sign up to Canada Goose Parka the new standards. sanctions and canada goose uk outlet the mis selling of insurance products and hedging products to the rate rigging scandal and its defensive attitude to customer complaints.report makes for uncomfortable reading in parts, Barclays Chairman David Walker said in a statement.Walker predecessor Marcus Agius and then CEO Bob Diamond left the bank last cheap Canada Goose year in the wake of the interest rate rigging scandal.Diamond, a former Wall Street trader, built up Barclays investment bank from Canada Goose sale underdog to global player canada goose coats on sale in less than a decade, paying a premium to attract talent from more established players.The report said that top management at the investment bank inspired loyalty but they did not like canada goose clearance hearing bad news.all combined canada goose to create an environment in which leaders were rarely effectively tested or challenged, contributing to a sense of ambiguity about what was considered right and wrong, the report said.When the financial crisis broke, Barclays relationship with regulators became tense.were seen to become somewhat aggressive and a bit too clever by half and that led to canada goose factory sale less than ideal relationships including with the UK canadian goose jacket regulator, said Salz.