Ex-lawyer to head Barclays inquiry
Jul 24 2012
A top lawyer-turned-investment banker is to lead a far-reaching review into the culture at Barclays in the wake of the rate-rigging scandal, the embattled banking giant has announced.
Anthony Salz, a former corporate lawyer who now sits as executive vice chairman at financial advisory group Rothschild, said the Libor-fixing affair gave Barclays the opportunity to "drive a change in its values and practices".
Barclays announced plans to launch an independent review into its business practices after its was fined £290 million by UK and US regulators for manipulating Libor, the interbank lending rate that affects mortgages and loans.
The scandal ultimately led to the resignation of chief executive Bob Diamond and sparked a fierce debate in Westminster over ethics in the banking industry.
Barclays has suffered one of the most turbulent periods in its history as the rate-rigging scandal unfolded, claiming the scalps of chief operating officer Jerry del Missier and chairman Marcus Agius, who will resign once Mr Diamond's successor is found.
Mr Salz's review will assess the bank's current values and determine to what extent those need to change, test decision-making processes and determine whether further training is required. The review's findings and recommendations will be published and will be based on evidence gathered from the bank's stakeholders.
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