Barclays is in the news again. And that’s not a good thing.
Scandals have dogged Barclays for years. The most recent one has a couple of different facets, which should be familiar.
First, Barclays lied to its clients, despite the issues having been raised to senior management. It fell back on the time-worn defense of emails being taken out of context. When did that work? Would you prefer to trust your broker?
Second, a key employee behind the recent problems had been fired from Goldman for being somewhat lax about his documentation of trades.
“Barclays Pool Drew Fast-Trade Alarms,” Wall Street Journal, July 21, 2014 C1
I guess they must have thought people had forgotten. Or that they will forget. Seems to me, the culture is fatally flawed. Certainly, the governance model needs work.