13th August 2012
At the end of the 2012 Olympic Games, a phoenix rose from the ashes to signify the transition from London to Rio. Barclays' new chairman David Walker has got to effect a similar trick, but this time it will take more than a bit of lighting trickery and Darcy Bussell in a catsuit. Perhaps the answer is to embrace the Olympic spirit of inclusivity and let the people decide what they would like to see from a redesigned Barclays.
To date, Walker has promised a new chief executive and a review of pay. This seems like the barest of bare minimums given the rolling scandals in which Barclays have been involved.
He gave a little more information in this weekend's Sunday Telegraph:
"Sir David also told the paper he planned to implement radical change at Barclays over the next two years, including an overhaul of the bank's culture and compensation. He said he would like to speed up the process of "ring-fencing" so that the bank is functionally separated before the 2019 deadline set by the Government. But he said he would be a strong backer of Barclays' investment banking operations and the idea of a "universal bank"." He has also said that he does not believe that senior management needs a radical overhaul.
A call for more transparency
A few message come through loud and clear from the blogs: Firstly, a bit of transparency would not go amiss. As blueberrylover comments on the Telegraph site, "Too many cover ups. Until the fraudulent practices in the banks are investigated and referred to The Crown Prosecution Office