Salz Review - Wall Street Journal

1
Salz Review
An Independent Review of Barclays’ Business Practices
Contents
1. Introduction to the Review .............................................................................................. 2
2. Overview and Recommendations ................................................................................... 4
3. The Importance of Banks and the Roots of a Crisis .................................................. 20
4. Barclays’ Evolution .......................................................................................................... 28
5. The Struggle for Survival through the Financial Crisis .............................................. 39
6. Conduct Matters .............................................................................................................. 52
7. Regulatory and Tax Matters ........................................................................................... 68
8. Culture ............................................................................................................................... 76
9. Board Governance .......................................................................................................... 98
10. People .............................................................................................................................. 120
11. Pay .................................................................................................................................... 130
12. Management Oversight and Risk Management ........................................................ 150
13. Conclusion ...................................................................................................................... 163
14. Appendices ..................................................................................................................... 165
Appendix A – About the Review ................................................................................ 166
Appendix B – What is Culture and How Can it Go Wrong? ................................. 177
Appendix C – Complaints Statistics ........................................................................... 196
Appendix D – Business Practices: Lessons from other Industries ........................ 198
Appendix E – Barclays Timelines: Overall and Main non-UK Geographies ....... 201
Appendix F – Barclays’ Governance Structure at Group Level ............................. 209
Appendix G – Barclays’ Employees ........................................................................... 211
Appendix H – Barclays’ Financial Evolution ............................................................ 212
Appendix I – Selected Bank Financial Ratios ........................................................... 222
Appendix J – Variability in Risk Weighted Assets Calculations ............................. 225
Appendix K – Correspondence between Lord Turner and Marcus Agius .......... 226
Appendix L – Glossary ................................................................................................. 231