Salz Review - Wall Street Journal

3
Salz Review
An Independent Review of Barclays’ Business Practices
appointed Group Chief Executive from 30 August 2012. Both Sir David Walker and
Antony Jenkins confirmed that the Review and its independence were important
to them.
1.8 Our recommendations are based on the business practices and culture prevailing in
the autumn of 2012. On 17 January 2013, Antony Jenkins announced the launch of
new Group-wide values. On 12 February 2013, he announced changes to the scope
of Barclays’ business. Antony Jenkins and the Barclays Board have rightly pressed
ahead with making changes rather than waiting for our recommendations. As a
result, a fair number of our suggestions have already been identified by Barclays and
are in the process of being implemented.
1.9 We also make a number of observations relating to the regulation of banks, informed
by our Review of Barclays.
Structure of this Report
1.10 Our report is structured as follows:
― Section 2 provides an Overview of the key themes we develop in the report
and lists our Recommendations;
― Section 3 outlines the role of banks and their importance to the economy.
It also addresses the roots of the financial crisis;
― Section 4 sets out some key events in the history of Barclays, focusing
primarily on its growth over the last two decades;
― Section 5 examines Barclays’ struggle for survival as an independent bank,
in the face of the financial crisis;
― Sections 6 and 7 look at events that have damaged Barclays’ reputation,
including the bank’s relationship with UK regulators and the UK tax
authorities, and the lessons to be learnt;
― Section 8 analyses the culture of Barclays and how the Group can change
to restore trust;
― Sections 9 to 12 set out the Review’s detailed findings, observations and
recommendations on Board Governance, People, Pay, and Management
Oversight and Risk Management;
― Section 13 sets out the Review’s conclusions;
― The Appendices in Section 14 provide further information, including a
glossary of terms and abbreviations 1 used in this report.
1 See Appendix L.