Top executive suppressed report damning Barclays

Bank boss leaves after hiding criticism of 'revenue at all costs' strategy at US Wealth arm

Barclays was hit by further damaging revelations about the culture that was allowed to flourish in certain parts of the bank yesterday after it emerged that a senior executive had suppressed a damaging report into Barclays Wealth in America.

The report, compiled by consultancy firm Genesis Ventures, was said by a Sunday newspaper to have sharply criticised a "revenue at all costs" strategy and a "culture that is high-risk and actively hostile to compliance".

Management was said to have "ruled with an iron fist", acting to remove "any intervention from those who speak up in opposition". Genesis Ventures' report was initially only supplied to Andrew Tinney, chief operating officer of the private investment division, and he suppressed it. His departure was announced to staff in an email a week ago, and it is understood he did not receive a pay-off.

The revelations come days after new chief executive Antony Jenkins wrote to all 140,000 staff members, telling them that if they didn't buy into his clean-up plan, they would be kicked out. He is due to unveil a new strategy in February, which will see the bank pulling out of more controversial businesses such as tax planning. Staff at Canary Wharf are said to be nervously awaiting a fresh round of lay-offs.

The revelations follow The Independent's exclusive interview with a whistleblower last July in which he talked of a culture of fear at the investment banking division. The Independent has since talked to several other former members of staff at the division who told similar stories.

One said yesterday: "This backs up what I have been saying. The attitude and ethics of the big guys up top more than filtered to the bottom."

Any rule breaches brought to light by such a report would be seized on by regulators who fined the bank £290m after its traders were found to have attempted to manipulate Libor interest rates last year.

Last night, however, people close to the bank stressed Mr Tinney's departure was a reflection of the reforms being pushed through by Mr Jenkins, and the report showed that he was serious. A Barclays spokesman said Mr Jenkins had "acknowledged clearly last week" that transformation of the bank's culture was "imperative".

"Independent reports, like the one commissioned in early 2012 for Barclays Wealth in America, are intended to identify areas where change is required and to recommend remedial steps. These types of exercise never result in comfortable reading, but we have been, and will, remain absolutely committed to taking the necessary steps to address the issues raised," he said.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Graduate Application Support Analyst

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Reach Volunteering: External Finance Trustee Needed!

Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...

Christine McCleave: FP&A Analyst

£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...

Recruitment Genius: Sales Executive - OTE £40,000

£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...

Day In a Page

Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn