Salz offers Barclays a chance to ‘drive change in its values’

By MARTIN FLANAGAN
Published on 25/07/2012 00:00

THE lawyer-turned-investment banker appointed yesterday to head a searching review of the operating culture at scandal-hit Barclays has claimed the probe could give the bank the chance to “drive a change in its values and practices”.

Anthony Salz’s appointment came in the wake of the Libor rate-rigging furore that claimed the scalps of Barclays chief executive Bob Diamond and chief operating officer Jerry del Missier. Marcus Agius, the group’s chairman, has also said he will resign once Diamond’s successor is found.

Salz’s review will assess the bank’s values, examine decision-making processes, and decide what needs changing and if further staff training is needed.

He spent more than 30 years as a corporate lawyer with Freshfields Bruckhaus Deringer. He is executive vice-chairman of Rothschild, and he will continue in that role, having joined the investment bank in 2006.

The review’s findings and recommendations will be published based on evidence gathered from the bank’s stakeholders, Barclays said.

Barclays said in a statement: “The culture of the banking industry overall, and that of Barclays within it, needs to evolve.”

It added: “Trust has been decimated and needs to be rebuilt. Recent events indicate that Barclays, like other big banks, needs to redouble its efforts.”

Salz said: “I very much hope that this review will significantly assist Barclays in rebuilding trust and reaffirming its position as one of our leading institutions.”

Barclays said the probe would be independent and that Salz will report to Sir Michael Rake, the bank’s deputy chairman, who has ruled himself out of the running to replace Agius. Former Cabinet Secretary Lord O’Donnell played down reports linking him to the job.