Thursday, 31 October 2013

Barclays transforming banking!!

It was only February this year that Antony Jenkins, chief executive of Barclays Bank,said in a press conference, "We get it, we are changing the way we do business". He added that the bank would put ethics above earnings, and unveiled his grand plan, "Project Transform"; this was a management jargon acronym, standing for Turnaround, Return Acceptable Numbers and Sustain Forward Momentum, all designed to restore Barclays` reputation in the wake of Libor-fixing, PPI mis-selling and the other scandals and scams it was involved in.(Guardian,13/02/13) Perhaps some alterations may be needed in view of recent news?(Barclays faces currency market inquiry,31/10/13) "Falling" profits down to a measly £1.4bn, "Obfuscate", as in need to "push harder", "Reduce" staff by 40,000 with "a vision for more technology", and "Manipulate" the 3tn-a-day currency markets cover the 2nd half, leaving plenty of opportunity to fit in "Shareholders" to be tapped for £6bn, so that the bonus cap can be "Avoided", by "Rewarding" its investment staff 41% of its income ,thereby ignoring previous "Target" which was only there to appease customers contemplating a switch anyway. The "N"? "No",  as in "change to the banking culture"!

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