Salz Review - Wall Street Journal

37
Salz Review
An Independent Review of Barclays’ Business Practices
in the names and scope of the business units which have provided an additional
challenge to management. 50 While most companies reorganise from time to time, it is
inherently difficult to develop robust governance and control structures in
organisations that undergo frequent structural change, as different operating models
require different enablers (e.g., management information flows between Group
Centre and business units), which require time to be put in place.
50 Notes to Exhibit 2 (following page): This chart has been prepared by the Salz Review as an illustrative
schematic view of the primary business units, it does not represent all the organisational units or
reallocation of business unit between clusters; 1. IRCB in 2004 included Spain, Portugal, France, Italy, the
Caribbean, Africa & the Middle East; 2. UK Business Banking in 2005-06; Barclays Commercial Bank in
2007; 3. Absa businesses besides Absa RBB (i.e., Absa Corporate, Absa Capital and Absa Wealth) had
reporting lines separate from each of: Absa RBB (2005-07), GRCB Absa (2008-09), Absa (2010), and
Africa RBB, (2011-12); each of Absa Corporate, Absa Capital and Absa Wealth had dual reporting lines;
they reported into the CEO of Absa; additionally, Absa Corporate reported into UK Business Banking /
Barclays Commercial Bank (2005-07), Barclays Commercial Bank (2008-09), Barclays Corporate (2010-
11), and Corporate Banking (2012); Absa Capital also reported into Barclays Capital (2005-11), and
Investment Bank (2012); Absa Wealth also reported into Wealth Management / Barclays Wealth (2005-
07), Barclays Wealth (2008-11), and Wealth and Investment Management (2012); 4. Although not
represented on the charts above, none of Absa Corporate, Absa Capital, nor Absa Wealth comprised part
of any of International Retail and Commercial Bank (IRCB) (2005-07), Global Retail and Commercial
Banking (GRCB) (2006-09), Global Retail Banking (2010), or Retail and Business Banking (2012); 5.
Wealth Management in 2005; Barclays Wealth in 2006-07; 6. UK Retail Banking in 2008-10 includes
Business Banking (i.e., SME banking).