Barclays Report Finds Bonuses Incapable of Justification

Barclays Plc, the U.K.’s second-largest lender by assets, paid investment bankers bonuses “incapable of justification” as employees focused on revenue at the expense of clients, according to an internal report.

In the report commissioned by the bank after it was fined 290 million pounds ($428 million) for manipulating Libor in June, Rothschild vice chairman Anthony Salz criticized the lender for failings in its culture and urged it to improve its openness and transparency. In parts of the company, there was “a sense that senior management did not want to hear bad news,” which “contributed to a reluctance to escalate issues of concern,” according to the 236-page report published today.