Bob Diamond's letter to Barclays staff
Monday 02 July 2012
Barclays boss Bob Diamond has penned an impassioned letter to staff setting out how the bank will deal with the rate rigging scandal.
He apologised for allowing the outrage to happen on his watch and pledged to bring about change to make sure it would never happen again.
Here's a breakdown of the key points:
:: AN APOLOGY
Let me start by saying that I understand why the reaction has been severe. No one is more sorry, disappointed and angry about these events than I am.
I am sorry because we let down the people whose trust we rely on - our customers and clients; our shareholders; our regulators; and the communities in which we live and work.
Our customers and clients are particularly concerned about the potential impact of this behaviour on them.
Let me be clear: it does not matter if this was perpetrated by one individual or a handful - it was wrong.
:: ON BARCLAYS' CULTURE
I am angry because the impression has been given that the behaviour revealed in the documents last week is indicative of the culture at Barclays generally.
I love Barclays, and I am proud of all of you. We all know that these events are not representative of our culture, and it is my responsibility to get to the bottom of that and resolve it.
Make no mistake the actions taken in this incident were against all of the principles we live by.
:: ON WHAT WENT WRONG
We must help our customers and clients recognise that on the majority of days, no requests were made at all.
Even when made, the requests were not always accepted by the submitter, and the attempted adjustments were, on average, small - typically less than one basis point.
:: ON WHAT'S BEEN DONE
Of course, given the nature of the authorities involved, the investigations were accompanied by criminal inquiries, and some of those are still under way.
It is important to bear in mind that this behaviour stopped nearly three years ago.
We did not wait for those investigations to be completed, however. We moved to fix issues when they were uncovered - the systems, controls and training that we now have in place around the submission of Libor and Euribor are first-class.
We have agreed with the authorities to have our controls related to the submission processes externally audited on a regular basis. We will also publish the results of that external audit.
:: ON WHAT IS CURRENTLY BEING DONE
Our internal disciplinary process, which began some time ago, will be completed swiftly now that the regulatory reviews are complete.
We are being thorough and robust while also ensuring that we undertake due process. We are reviewing those directly responsible and those in supervisory roles. We have the full range of tools at our disposal, from clawing back compensation to asking people to leave the bank. The Board is overseeing this entire process.
We will establish a zero tolerance policy for any actions that harm the reputation of the bank.
:: A PLEDGE
Many have rightly stated that there are questions that we have to answer. Detailed answers will continue to come. You have my commitment on that.
We can and will restore Barclays' reputation to the levels that the institution and you deserve.
First, we had to get to the bottom of what happened, why and how it happened and put in place changes to make sure that nothing like it can ever happen again at Barclays.
This is a great bank, full of great people. We will emerge from this period as industry leaders in every sense of the word.
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