Barclays reputation was hit when it refused to comply with the spirit of financial regulation and by allowing a group of elite investment bankers to "lose a sense of proportionality and humility", a report has found.
The Salz report, the review of the bank by corporate lawyer and investment banker Anthony Salz, concluded the bank's adversarial relationship with City watchdogs was a contributing factor to its reputation woes, the Telegraph reports. "Barclays was sometimes perceived as being within the letter of the law, but no within its spirit, " the report said. Salz also said a contingent of investment bankers had the view they were "somehow unaffected by the ordinary rules". The report said: “A few investment bankers seemed to lose a sense of proportion and humility...
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