Salz Review - Wall Street Journal

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Salz Review
An Independent Review of Barclays’ Business Practices
Approach to the Review
Internal and External Data
In compiling this report, we conducted independent analysis of both internal data supplied
to us by Barclays, as well as external data. Internal data included a selection of: Barclays’
Board, Board committees, and executive management committee minutes; management
papers and reports; policies; governance and control frameworks; employee surveys;
aggregate remuneration and performance management data; and management
communications. External data included annual reports; regulatory requirements and
guidelines; industry reports, books and database analysis; and UK House of Commons
Treasury Committee papers.
The views, findings and recommendations set out in this report are based solely on the Salz
Review’s assessment of the documents and information considered by it during the course
of the Review. The Review requested that Barclays provide it with relevant documents for
those matters which were in the scope of the Review, including those relating to specific
regulatory events. The Review has not, however, conducted a forensic investigation or
audit of the documents and information made available to it. In some cases restrictions
were placed on the Review’s access to documents or documents were redacted by Barclays,
in each case for legal reasons. Accordingly, while the Review has sought to identify a
reasonable selection of documents, it may not have reviewed all materials relevant to
specific events. Likewise, the Review has been to some extent dependent on what it has
been told in interviews and has assumed the veracity of information provided to it at
interviews, unless there was any reason to think otherwise.
As the purpose of the Review has not been to conduct a forensic analysis, other individuals
considering the same information or documents could form a different assessment of it.
Similarly, the Salz Review might have formed a different assessment of the matters under
consideration were it to have reviewed or considered other documents or information.
We are grateful to those people in Barclays who provided us with this information.
Interview Programme
Over the course of the Review process, we conducted over 600 interviews with key
Barclays and industry stakeholders:
― Barclays’ employees and Board members (current and former);
― Investors in Barclays;
― Clients and customers of Barclays;
― Regulatory and government bodies engaging with Barclays;
― Barclays’ professional advisers;
― Board members and executives from Barclays’ competitors; and
― Other organisations and interested parties.
We are extremely grateful to everyone who gave up their time to meet with us, send their
ideas and provide us with input.