Barclays - Aims and objectives, internal causes of change, change in leadership, sub-culture, restructuring, retrenchment
- Bob Diamond replaced by Antony Jenkins after Libor scandal (fixing of lending rates between banks) and mis-selling PPI. - new leadership (effects culture), sub-culture (only in offices this was occuring)
- "Our goal is to make Barclays the 'Go-To' bank for all our stakeholders."
- Their purpose/mission "to help people achieve their ambisions - in the right way." - CSR, PR
- 3,700 jobs will be cut as it aims to reduce costs - retrenchment
- Trying to rebuild reputation
They are going to:
- Restructure Baclays European retail operations to focus on the mass affluent customer segment
- Reposition Barclays European and Asian Equities and Investment banking division businesses to reflet the market opportunities and maintain a relevent position for our clients. - clients in mind = good reputation
- Reduce total costs significantly across the Group by operating more efficiently. Cut 3,700 jobs as aims to cut costs by £1.7bn
- Antony Jenkins said he was "shredding the legacy left by his predecessor Bob Diamond as he confirmed bonuses will be slashed following another £1bn provision to cover mis-selling scandals."
- Respect - respect and value those we worth with, and the contribution…