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Salz Review - Wall Street Journal

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<strong>Salz</strong> <strong>Review</strong><br />

An Independent <strong>Review</strong> of Barclays’ Business Practices<br />

202<br />

1995<br />

1996<br />

1997<br />

1997<br />

1998<br />

87,000<br />

84,000<br />

80,000<br />

Purchased and<br />

integrated Wells<br />

Fargo Nikko<br />

Advisers to<br />

form Barclays<br />

Global<br />

Investors (BGI)<br />

Bob<br />

Diamond<br />

joined<br />

Barclays<br />

from First<br />

Boston<br />

Sold equities,<br />

equity capital<br />

markets and<br />

M&A advisory<br />

businesses of<br />

BZW and<br />

created Barclays<br />

Capital<br />

Bob Diamond<br />

became Barclays<br />

Capital's CEO and<br />

Sir Peter<br />

Middleton became<br />

Barclays Capital's<br />

Chairman<br />

Investment in Russian<br />

sovereign bonds and<br />

Long-Term Capital<br />

Management led to<br />

losses (e.g., $300<br />

million due to Russian<br />

sovereign debt default)<br />

1998<br />

1999 1999<br />

2000<br />

2003<br />

77,000<br />

73,000<br />

74,000<br />

Sir Peter<br />

Middleton<br />

succeeded<br />

Martin Taylor<br />

as Group<br />

CEO<br />

,<br />

Sir Peter Middleton<br />

succeeded Andrew<br />

Buxton as Group<br />

Chairman Chairman<br />

and became Group<br />

CEO for one month<br />

Matthew Barrett<br />

became Group<br />

CEO; Sir Peter<br />

Middleton<br />

continued as<br />

Group Chairman<br />

Acquired<br />

Woolwich's<br />

402 branches,<br />

the UK's<br />

second largest<br />

building society<br />

Launched the<br />

'Alpha Plan',<br />

aiming to<br />

double<br />

investment<br />

banking<br />

revenues in four<br />

years<br />

2003<br />

2004<br />

77,000<br />

2004 2004<br />

2005<br />

93,000<br />

Became the 6 th<br />

biggest<br />

commercial bank<br />

in Spain through<br />

acquisition of<br />

Banco<br />

Zaragozano<br />

John Varley<br />

succeeded<br />

Matthew<br />

Barrett as<br />

Group CEO<br />

Matthew<br />

Barrett<br />

succeeded Sir<br />

Peter<br />

Middleton as<br />

Chairman<br />

Entered the US<br />

credit card market<br />

through the<br />

acquisition of the<br />

credit card issuer<br />

Juniper Financial<br />

Bob Diamond<br />

became<br />

President of<br />

Barclays

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