Barclays, in the wake of its £290 million ($360 million) fine for manipulating the Libor rate, recently announced it was commissioning a top lawyer, Anthony Salz, to review the bank’s corporate culture.
Let me spare Mr. Salz the trouble and tell him what he’s going to find. He will discover that Barclays has an aggressive, performance-oriented culture where people are under a lot of pressure to deliver the numbers. There is a short-term focus, an intolerance of mistakes, a cover-your-backside mentality, and a lack of collaboration. People work long hours, and the work-life balance is poor.