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
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Mortgage Administrator

£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...

Recruitment Genius: Payments Advisor

£15000 - £20000 per annum: Recruitment Genius: An experienced Repayments Advis...

Recruitment Genius: Investment Analyst

£25000 - £30000 per annum: Recruitment Genius: This leading provider of financ...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...

Day In a Page

A groundbreaking study of 'Britain's Atlantis' long buried at the bottom of the North Sea could revolutionise how we see our prehistoric past

Britain's Atlantis

Scientific study beneath North Sea could revolutionise how we see the past
The Queen has 'done and said nothing that anybody will remember,' says Starkey

The Queen has 'done and said nothing that anybody will remember'

David Starkey's assessment
Oliver Sacks said his life has been 'an enormous privilege and adventure'

'An enormous privilege and adventure'

Oliver Sacks writing about his life
'Gibraltar is British, and it is going to stay British forever'

'Gibraltar is British, and it is going to stay British forever'

The Rock's Chief Minister hits back at Spanish government's 'lies'
Britain is still addicted to 'dirty coal'

Britain still addicted to 'dirty' coal

Biggest energy suppliers are more dependent on fossil fuel than a decade ago
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition

Orthorexia nervosa

How becoming obsessed with healthy eating can lead to malnutrition
Lady Chatterley is not obscene, says TV director

Lady Chatterley’s Lover

Director Jed Mercurio on why DH Lawrence's novel 'is not an obscene story'
Farmers in tropical forests are training ants to kill off bigger pests

Set a pest to catch a pest

Farmers in tropical forests are training ants to kill off bigger pests
Mexico: A culture that celebrates darkness as an essential part of life

The dark side of Mexico

A culture that celebrates darkness as an essential part of life
Being sexually assaulted was not your fault, Chrissie Hynde. Don't tell other victims it was theirs

Being sexually assaulted was not your fault, Chrissie Hynde

Please don't tell other victims it was theirs
A nap a day could save your life - and here's why

A nap a day could save your life

A midday nap is 'associated with reduced blood pressure'
If men are so obsessed by sex, why do they clam up when confronted with the grisly realities?

If men are so obsessed by sex...

...why do they clam up when confronted with the grisly realities?
The comedy titans of Avalon on their attempt to save BBC3

Jon Thoday and Richard Allen-Turner

The comedy titans of Avalon on their attempt to save BBC3
The bathing machine is back... but with a difference

Rolling in the deep

The bathing machine is back but with a difference
Part-privatised tests, new age limits, driverless cars: Tories plot motoring revolution

Conservatives plot a motoring revolution

Draft report reveals biggest reform to regulations since driving test introduced in 1935