Salz Review - Wall Street Journal

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Salz Review
An Independent Review of Barclays’ Business Practices
professional development would reinforce both skills and behavioural components
of training.
A new industry body would seem to require the support of the Bank of England and
regulators. We also see a benefit in such a body of bringing together those working in
the industry, to encourage the sense that they are part of a community, constituted by
the vocation or profession, with responsibilities for the industry and not just the bank
for which the individual is working.
We would encourage this debate to ensure that banks are appropriately focused on
how best to support change in their business practices.
‘Transform Programme’ and Changing Barclays’ Culture
8.59 Restoring external trust requires Barclays to change behaviours. For this to happen,
the bank needs to address its deep-rooted cultural challenges. As part of the
Transform Programme, Antony Jenkins has launched an initiative to re-define
Barclays’ purpose and values in order to implement its goal of becoming the ‘Go-To’
bank. Believing that a distinctive culture must be underpinned by a common purpose
and a clearly articulated set of values, Barclays’ senior management has defined the
common purpose as “helping people achieve their ambitions – in the right way”. 159
And it has developed a set of Group-wide values which it says are essential in
delivering strong, sustainable returns.
8.60 The five values which Barclays will seek to embed throughout the bank are:
1. Respect: We respect and value those we work with, and the contribution
they make;
2. Integrity: We act fairly, ethically and openly in all we do;
3. Service: We put our clients and customers at the centre of what we do;
4. Excellence: We use our energy, skills and resources to deliver the best,
sustainable results;
5. Stewardship: We are passionate about leaving things better than we
found them.
8.61 A detailed plan has been developed to embed these values in the organisation.
The plan includes the support of 1,500 values champions whose job is to facilitate
discussion and exploration of the values and their implementation with all
their colleagues.
8.62 Changing behaviours is difficult. It is easier to induct and immerse new recruits than
it is to change the practices of years. For the values roll-out to work, it is important
that it is both bank-wide and that all employees can relate it to their everyday work
and any interactions with customers. For this reason, the bank will need to make
greater efforts to engage employees in areas of the business where there is less sense
159 Barclays’ website: http://group.barclays.com/transform/values.