Donna Boehme – February 13, 2013 – Corporate Compliance Insights
It’s been a terrible, horrible, no good, very bad few weeks for Barclays. Despite tough talk last month by new CEO Antony Jenkins about “Five New Values” (inviting any of its 140,000 employees who don’t want to sign up to head for the exits), the bad news just keeps on coming for the embattled firm. And the latest round involves a shredder.
Last week’s headlines of “Shreddergate” and “Qatargate” spelled out the bank’s latest troubles. In the former, Andrew Tinney, the chief operating officer of the bank’s high-end investment division, commissioned a “workplace culture report” from an outside consultancy, but was so horrified by its contents that he shredded the report on the spot at his Surrey estate and then, according to media reports, “denied all knowledge of it ever having existed.” Neat trick, until an anonymous internal whistleblower emailed Jenkins a hint about the mysterious culture report. Add to this the latest revelations about a Qatari cash injection at the height of the financial crisis that may have been funded by the bank itself, which means the bank may have lied to UK regulators.
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