Inside Barclays: Banking on Bonuses Panorama


Inside Barclays: Banking on Bonuses

Similar Content

Browse content similar to Inside Barclays: Banking on Bonuses. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

Barclays seems to have a finger in every one of those pies. Tonight,

:00:04.:00:07.

Panorama reveals how shareholders were misled about one of the

:00:07.:00:12.

biggest investments in the bank's history. Any discrepancy of that

:00:12.:00:16.

kind is serious because it raises questions in the minds of investors.

:00:16.:00:19.

Barclays told the world that a Middle Eastern Sheikh was investing

:00:19.:00:24.

more than �3 billion, but we discovered he never did. It's

:00:24.:00:27.

important because if you're not getting it right, you may be

:00:27.:00:32.

committing a crime. Tomorrow, the bank will announce

:00:32.:00:42.
:00:42.:00:57.

how it intends to change. Tonight, Barclays, Britain's second biggest

:00:57.:01:04.

bank. 1,600 branches and 15 million customers. It's the sponsor of the

:01:04.:01:10.

Premier League and these, London's Boris bikes. Barclays isn't just

:01:10.:01:13.

the bank you know from the high street, that's all changed.

:01:13.:01:20.

Barclays is now a much bigger deal. It's grown from a national retail

:01:20.:01:27.

bank to an international financial powerhouse. Barclays has gone from

:01:27.:01:30.

being a high street bank with an investment bank attached to it, to

:01:30.:01:34.

effectively an investment bank with a high street bank attached to it.

:01:34.:01:38.

It was the high street operation, the money in millions of personal

:01:38.:01:43.

accounts, that helped the investment bank to grow. Having a

:01:43.:01:48.

retail bank attached to you is a great way to make an investment

:01:48.:01:53.

bank bigger and protect the investment bank from the risks that

:01:53.:01:57.

come with running an investment bank. The plan worked. The high

:01:57.:02:01.

street bank used by the likes of you and me is now the junior

:02:01.:02:06.

partner. The riskier investment bank made three times as much

:02:06.:02:16.
:02:16.:02:23.

profit as its UK retail and But in recent years, the Barclays

:02:23.:02:27.

dream has gone sour. It was the first bank to admit cheating

:02:27.:02:32.

interest rates to boost profits. The so-called LIBOR scandal forced

:02:32.:02:36.

out Bob Diamond, the high-profile chief executive. Clearly, there

:02:36.:02:42.

were mistakes, clearly there was behaviour that was reprehensible.

:02:42.:02:45.

His replacement, Antony Jenkins, has not had a great couple of weeks.

:02:45.:02:51.

He is promising a fresh start at Barclays. I believe we have been

:02:51.:02:55.

too short-term focused, on occasions too aggressive and on

:02:55.:02:58.

occasions too self-serving. But two of his senior management team

:02:58.:03:02.

announced they were leaving. And after criticism of a potential

:03:02.:03:08.

million pound bonus, Mr Jenkins gave it up. Barclays have told us

:03:08.:03:10.

their commitment to change is genuine.

:03:10.:03:20.
:03:20.:03:21.

And this corporate video shows senior ecs chewing the fat on

:03:21.:03:25.

Barclays new values. Can I justify to colleagues, friends, family,

:03:25.:03:30.

what have I done today? Am I improving their lives and can I be

:03:30.:03:34.

proud? It makes you feel good, as well. But there are much more

:03:34.:03:38.

serious threats on the horizon. Four investigations into how the

:03:38.:03:43.

investment bank did business. Five, if you include an internal Barclays

:03:43.:03:52.

review. So chase gone on inside Barclays?

:03:52.:03:56.

We have been through thousands of pages of documents and spoken to

:03:56.:04:00.

insiders to try and build a picture of the way the bank worked. It's a

:04:00.:04:04.

place where incredibly complex deals helped the Barclays bonuses

:04:04.:04:08.

keep coming. One man had more influence on the

:04:08.:04:13.

shape of Barclays today than any other - the former chief executive,

:04:13.:04:19.

Bob Diamond. He grew the investment bank into a

:04:19.:04:27.

money-making machine and then took over the whole Barclays operation.

:04:27.:04:31.

He was charismatic, charming, and influential.

:04:31.:04:39.

He is, or was, extremely successful and aggressive and die mamic --

:04:39.:04:43.

dynamic investment banker. In the City he was admired for what he

:04:43.:04:47.

built. Whenever we questioned him as analysts he was never strong on

:04:47.:04:50.

the detail of the numbers but he had a clear plan and knew how he

:04:50.:04:54.

wanted to deliver that. I get newspaper the morning, I want

:04:55.:04:58.

a big breakfast, I want my girlfriend to say good morning, big

:04:58.:05:03.

boy... Barclays wanted to know know, as this advert shows from 2000, the

:05:03.:05:09.

bank was brash, proud, and up for the biggest deals. Big head... I

:05:09.:05:13.

get into my big car, she will give me a big wave, close the door of

:05:13.:05:21.

our big house... It was prepared to pay big rewards. Only one problem,

:05:21.:05:29.

my fee, I'd like it to be - what's the word?

:05:29.:05:34.

Bob Diamond instilled Wall Street values into Barclays. It was every

:05:34.:05:39.

man for himself. You imagine banks to be like that. The best banks are

:05:39.:05:45.

not like that. Those there in the early days as the investment bank

:05:45.:05:51.

grew, say it was all about doing bigger deals. You want to work at a

:05:51.:05:56.

profitable investment bank, if you don't there there be problems at

:05:56.:06:03.

bonus time. The bonus is King? Barclays, if you brought home the

:06:03.:06:09.

bacon, you could do speug - anything. How did they bring home

:06:09.:06:13.

the cash? Barclays shifted the focus from high street banking to

:06:13.:06:16.

trading on the international financial markets, some of which

:06:16.:06:22.

has been criticised as casino- banking. The power inside that bank

:06:22.:06:28.

passed away from the old-fashioned bankers to the casino operators

:06:28.:06:32.

like Bob and his gang. Genuinely, there were quite a few profits, but

:06:32.:06:36.

some of the profits of the superprofits were coming by taking

:06:36.:06:41.

an extreme risk. Barclays say many banks were involved in the

:06:41.:06:45.

aggressive pursuit of profit. They reject the term casino-banking

:06:45.:06:49.

and point out that the investment bank has raised around a trillion

:06:49.:06:54.

pounds for UK businesses. Sometimes the most amazing things can escape

:06:54.:06:59.

your attention... Barclays, as this slightly disturbing American

:06:59.:07:05.

recruitment video shows, went hunting for the best people. For

:07:05.:07:12.

Bob Diamond they didn't come cheap. He got out his cheque book and he

:07:12.:07:16.

pioneered the idea of guaranteed bonuses, so it didn't matter how

:07:17.:07:21.

badly you did, you'd just get your guaranteed bonus. And that became,

:07:21.:07:24.

you know, - some people said that was almost like a cancer that

:07:24.:07:28.

spread across the City. A company that is using their talents to

:07:28.:07:33.

become one of the fastest-growing investment banks... Investment

:07:33.:07:36.

banking is the same as the Premier League. The more you pay, the

:07:36.:07:39.

higher you finish up the League table in the Premier League, the

:07:40.:07:47.

same with investment banking. Of course, private companies can

:07:47.:07:52.

pay what they like. And other investment banks pay their staff

:07:52.:07:57.

well, too. But Barclays has been criticised for continuing to pay

:07:57.:08:02.

high bonuses even after the financial crisis in 2008. In 2011,

:08:02.:08:07.

Barclays paid nearly �2.6 billion in bonuses, but what about the

:08:07.:08:13.

people who actually own the bank - the shareholders? What does it feel

:08:13.:08:18.

like to be a shareholder of Barclays today? Pretty grim. Robert

:08:18.:08:22.

Muriel has been a shareholder for 30 years, but in recent years his

:08:22.:08:27.

dividend has been slashed. He has written to the bank over the years

:08:27.:08:33.

dozens of times. What did you tell the bank, what was your view?

:08:33.:08:36.

view was that these payments were excessive. I realise the people

:08:36.:08:40.

were making money for the bank at the time, but I couldn't see any

:08:40.:08:44.

need for any one individual to get that sort of reward.

:08:44.:08:48.

In fairness to Barclays, their record on dividend payments is

:08:48.:08:53.

better than some of their rivals. They say they are committed to

:08:53.:08:57.

rebalancing rewards between shareholders and staff. The

:08:57.:09:00.

overwhelming majority of shareholders support the pay

:09:00.:09:04.

structure, and those with shares in banks the Government did bail out

:09:04.:09:13.

still do not receive any dividends at all.

:09:13.:09:17.

This recent ad suggests Barclays has moved with the times. This is

:09:17.:09:24.

the shape of my banking. Bonuses at Barclays have reduced

:09:24.:09:28.

significantly since 2008. But bonuses have far outweighed what

:09:28.:09:37.

the bank has paid to its owners - the shareholders. I think that

:09:37.:09:42.

investment banking is - says it's for the shareholder, but actually

:09:42.:09:48.

is a machine for the enrichment of investment bankers. Karel Williams

:09:48.:09:52.

is an academic who we asked to study Barclays' accounts. He says

:09:52.:09:58.

the investment bank dominates the business. The firm has partly been

:09:59.:10:04.

captured by its investment banker workforce. The commitment of

:10:04.:10:08.

resources to Barclays investment bank is much more in the interest

:10:08.:10:13.

of the senior investment bankers than it is in the interests of the

:10:13.:10:20.

shareholders or the public. You can see why people might

:10:20.:10:24.

suggest that Barclays was being run for the benefit of its employees.

:10:24.:10:30.

Over the course of 2010 and 2011, Barclays paid its shareholders, the

:10:30.:10:36.

people who own the company, �1.4 billion. Over the same period,

:10:36.:10:44.

Barclays paid its staff �6 billion in bonuses. There's absolutely no

:10:44.:10:48.

doubt that they were at the expense of shareholders. Martin Taylor was

:10:48.:10:53.

chief executive of Barclays until 1998. At the time, he questioned

:10:53.:10:56.

Barclays' expansion of its investment bank. The value in the

:10:56.:11:02.

investment bank seemed to be going, even in the 1990s, to the people

:11:02.:11:06.

who worked in it. And the shareholders were underwriting the

:11:06.:11:11.

risk. That was what worried me. I don't think anybody in the

:11:11.:11:13.

investment banking industry deserves the amount of money

:11:13.:11:17.

they're being paid. I think the amount of money paid is utterly

:11:17.:11:22.

unjustified and has been for quite a long time.

:11:22.:11:26.

Barclays says it pays less than many investment banks and that

:11:26.:11:32.

dramatically cutting pay would cult in key staff leaving the business.

:11:32.:11:36.

What about Bob? What was he on? You might think a bank more than most

:11:36.:11:40.

employers would know how much they were handing over. So we asked

:11:40.:11:44.

Barclays to give us a figure for Bob Diamond's pay for the years he

:11:44.:11:50.

was a director. We asked lots of times. We asked for months. We got

:11:50.:11:55.

nowhere. Barclays told us that we were unable or unwilling to

:11:56.:11:59.

complete the simple task of compiling this information from the

:11:59.:12:03.

relevant public documents. They told us to look in 36 different

:12:03.:12:08.

places in the annual reports and said, the the answer is in there.

:12:08.:12:14.

We did look and so did our experts. It would take you hours and hours,

:12:14.:12:19.

if not weeks, to actually get to the bottom of this. You would need

:12:19.:12:23.

a team of people working on this for days. If you look you can see

:12:23.:12:26.

it's all over the place, you have to look there, and there. Four or

:12:26.:12:32.

five pages. Our best estimate is that in six years Bob Bob took home

:12:32.:12:37.

about �120 million in cash and shares. Barclays says a single

:12:37.:12:42.

figure for Bob's pay is a potentially very misleading and

:12:42.:12:52.
:12:52.:12:54.

oversimplified approach. So where's the money coming from to

:12:54.:13:00.

fund the seven-figure bonuses? Panorama has gone inside a

:13:00.:13:02.

controversial department that flourished in Bob Diamond's

:13:02.:13:07.

investment bank. Barclays doesn't like talking about it, but it's

:13:07.:13:14.

called Structured Capital Markets or SCM. What it did was amazing, it

:13:14.:13:18.

only employed 100 people but managed to make around �1 billion

:13:18.:13:25.

in profit a year. Now 140,000 people work for Barclays. But this

:13:25.:13:28.

tiny team was generating a significant chunk of the bank's

:13:28.:13:37.

total profits. How on oert did -- earth did they do it? Structured

:13:37.:13:40.

capital markets, was that there when you were at the bank? Yes, it

:13:40.:13:50.
:13:50.:13:52.

was. There was a business on a modest scale, very profitable.

:13:52.:13:58.

was it for? It was for tax planning. Tax structuring. For international

:13:58.:14:02.

business, mostly. Is that tax avoidance? Um, it's tax avoidance,

:14:02.:14:10.

yes. Tax avoidance isn't illegal. And all banks work to lower taxes

:14:10.:14:14.

for their clients. But tax avoidance at Barclays was done on a

:14:14.:14:24.
:14:24.:14:32.

It was a major profit sector fall of Barclays. It was like their

:14:32.:14:35.

office in Canary Wharf was an offshore island completely divorced

:14:35.:14:41.

from the rest of Britain. I had a good look at what SCM was doing in

:14:41.:14:44.

my day. The question was how aggressively it should be growing

:14:44.:14:49.

and in my view it was not growing aggressively. You could only grow

:14:50.:14:54.

it aggressively by pushing the envelope too far. Critics would say

:14:54.:14:58.

that Martin Taylor always opposed a major expansion of investment bank.

:14:58.:15:03.

It was the main reason that he left. After he went, the SCM department

:15:03.:15:13.
:15:13.:15:14.

We have been given confidential documents that show the shape of

:15:14.:15:21.

one SCM tax avoidance scheme. sits there. That is the finance.

:15:21.:15:26.

Staff lent billions of pounds to a bank in Luxembourg with complex

:15:26.:15:28.

structures and a company in the Cayman Islands. At the bottom we

:15:29.:15:33.

have still got 2.5 billion. Barclays drew up the whole

:15:33.:15:39.

structure. It is like a nightmare Ikea map. All of this helped

:15:39.:15:44.

Barclays exploit the system and afford millions in tax. There is

:15:44.:15:53.

something else here, 120 million dividend. Barclays at the top.

:15:53.:15:58.

Barclays told us it does not offer, can don't or support unlawful tax

:15:58.:16:05.

evasion. Where any SCM transaction has UK tax implications, we make

:16:05.:16:13.

full and explicit disclosure to HMRC. Inside Barclays's investment

:16:13.:16:18.

bank, SCM was a closed world. We have tracked down an insider. As

:16:18.:16:23.

long as we protected his identity, he agreed to tell us about this

:16:23.:16:28.

little known tax avoidance department. It was isolated. The

:16:28.:16:32.

whole section had about 100 people including support staff so there

:16:32.:16:36.

were about 60 people on the front end. They made huge profits. But of

:16:36.:16:41.

their work was about finding new ways of avoiding tax. -- much of

:16:41.:16:45.

their work. Some smart people in the product development team would

:16:45.:16:50.

come up with a tax trick and the marketing team would cloak it in a

:16:50.:16:53.

rationale. There is nothing wrong with it, it is perfectly normal,

:16:53.:16:57.

but the issue is that they turned it into an industry within the bank.

:16:57.:17:03.

We set to ourselves at the time, how does a bank get away with this?

:17:03.:17:08.

SCM paid some of Barclays's biggest bonuses. The bonus pool was 10% of

:17:08.:17:12.

profits, we have been told, which would mean in its best year 100

:17:12.:17:18.

people shed �100 million. Barclays says that the figure is not

:17:18.:17:25.

accurate. At the weekend SCM closed and the bank is expected to say

:17:25.:17:32.

that they will no longer engaged in activities where the main objective

:17:32.:17:38.

is to avoid tax. That brings us to the biggest deal of all. In 2008,

:17:38.:17:46.

Barclays is in trouble. It looked like they have to ask for a

:17:46.:17:50.

Government bail out. In 2008, British banking was in crisis. But

:17:51.:17:55.

perfectly reasonably they were desperate to avoid a bail out.

:17:55.:17:59.

was Barclays keen to stay out of Government control when other banks

:17:59.:18:03.

were bailed out? Barclays has made much of the fact that it remained

:18:03.:18:07.

independent. But some say there is another reason, the same old reason,

:18:07.:18:13.

bonuses. They were prepared to do anything to avoid going to the

:18:13.:18:18.

taxpayer because that would have required limits on bonuses. It

:18:18.:18:24.

would have undermined the culture that Bob Diamond was known for.

:18:24.:18:28.

you think bonuses were a factor in this? I am sure it was. I don't

:18:28.:18:38.
:18:38.:18:40.

believe it was the only reason but Barclays deny bonuses were a factor.

:18:40.:18:45.

They had been told, like all banks, to increase the amount of their

:18:45.:18:49.

reserves. By October, 2008, they found themselves with just a couple

:18:49.:18:53.

of weeks to find the cash. We have been told they went to some

:18:54.:19:03.

surprising places to try and get it. Like Libya. This was when Colonel

:19:03.:19:08.

Gaddafi was still in charge. We have been told that Barclays asked

:19:08.:19:12.

the Libyan investment authority if it wanted to buy a slice of the

:19:12.:19:22.
:19:22.:19:22.

bank. One of the men who ran the Libyan fund told Panorama that they

:19:22.:19:25.

turned Barclays down because the deal was too rushed and risky.

:19:25.:19:29.

Barclays so that is not accurate and they had no need for funding

:19:29.:19:38.

from Libya. -- Barclays said. In the end it did not matter. Two of

:19:38.:19:42.

the groups in the Middle East were happy to provide the cash. �7

:19:42.:19:47.

billion, mainly from the Gulf states of Qatar and Abu Dhabi. It

:19:47.:19:54.

came at almost credit card rates of up to 14%. The Qatar deal is under

:19:54.:19:58.

investigation by the Serious Fraud Office and the Financial Services

:19:58.:20:03.

Authority. But we think the Abu Dhabi side of the deal raises

:20:03.:20:08.

questions, too, about Barclays's relationship with a Middle Eastern

:20:08.:20:18.
:20:18.:20:20.

You might not have heard of the man named as the main Abu Dhabi

:20:20.:20:24.

investor. Sheikh Mansour bin Zayed Al Nahyan. But you will have heard

:20:25.:20:32.

of his other big British Investment, Manchester City. Sheikh Mansour

:20:32.:20:35.

fronted the take-over of Manchester City a few months before he turned

:20:35.:20:40.

his attention to Barclays. Here he is, meeting the players. He has

:20:40.:20:45.

kept a low profile in the UK. I want you to tell me what you know

:20:45.:20:52.

about Sheikh Mansour. He owns City. He is a good supporter of City.

:20:52.:20:57.

That is all we know, really. He is a very wealthy person and he is

:20:57.:21:00.

doing a fabulous job here. I don't know much about his investment in

:21:00.:21:05.

this country, other than the stuff we did with Barclays bank, was it?

:21:05.:21:09.

He bailed them out rather than have them going to the Government. I

:21:09.:21:14.

know he made more cash from that. Sheikh Mansour is a member of the

:21:14.:21:19.

ruling family in Abu Dhabi. Back in 2008, Barclays told the world that

:21:19.:21:24.

the Sheikh was giving it more than �3 billion. Shareholders were told

:21:24.:21:28.

the same thing and voted to accept the deal. Panorama has noticed

:21:28.:21:33.

something odd. It was buried deep in paperwork that was issued the

:21:33.:21:39.

day after the shareholders gave their approval. On page 44 of this

:21:39.:21:43.

prospectus, it says that Sheikh Mansour has arranged for his

:21:43.:21:49.

investment to be funded by an Abu Dhabi Government investment vehicle.

:21:49.:21:54.

That seems like the Abu Dhabi Government was providing the cash,

:21:54.:21:58.

and not Sheikh Mansour. And that is important because although Sheikh

:21:58.:22:02.

Mansour is a member of the ruling family, there is a difference

:22:02.:22:06.

between his money and the Government's. Are they the same?

:22:06.:22:11.

They are not. It is sloppy thinking, this. There is a big difference

:22:11.:22:18.

between a member of ruling family in the Emirates, who has his own

:22:18.:22:25.

personal life, wealth and activities. When we started delving

:22:25.:22:28.

deeper, we found more contradictions in the Barclays

:22:28.:22:35.

paperwork. Barclays's filings to the US Government suggest that the

:22:36.:22:39.

Abu Dhabi Government is the investor, not Sheikh Mansour. But

:22:39.:22:43.

the Barclays annual report, that is sent to shareholders, talks about

:22:43.:22:47.

Sheikh Mansour in two separate years, and the problem for Barclays

:22:47.:22:56.

is that they cannot both be right. Two reports referring to the same

:22:56.:22:59.

date, you would expect them to be entirely consistent. If they are

:22:59.:23:04.

not, that means something is wrong. Something is not accurate. Every

:23:04.:23:08.

bank is aware that the annual report is a critical document and a

:23:08.:23:12.

huge amount of time and attention is put into getting the details

:23:12.:23:18.

correct. Barclays has now told us the investor was actually the Abu

:23:18.:23:22.

Dhabi Government. They have admitted that they knew the

:23:22.:23:26.

investor might change, even as shareholders voted for Sheikh

:23:26.:23:33.

Mansour. The banks say that when the change was confirmed, it

:23:33.:23:40.

provided the appropriate disclosure. Barclays admits it was wrong to

:23:40.:23:43.

identify Sheikh Mansour in the annual report but they say this was

:23:43.:23:52.

simply a drafting error. So Barclays misled the public and its

:23:52.:23:55.

shareholders over one of the biggest investments in its history.

:23:55.:24:02.

But that is not the only reason why our discovery might be important.

:24:02.:24:06.

Although Sheikh Mansour's money did not save Barclays, it did play a

:24:06.:24:10.

crucial role in the deal. He was chairman of the Abu Dhabi

:24:10.:24:14.

investment vehicle that provided the funding, a Government official.

:24:14.:24:18.

If it turned out that Sheikh Mansour profited personally from

:24:18.:24:25.

the deal, it might look like a bribe. You have to worry not

:24:25.:24:29.

because Sheikh Mansour may or may not be doing something wrong. You

:24:29.:24:34.

have to worry because you may be doing something wrong as a bank.

:24:34.:24:39.

How big an issue is it to get that right? It is important because if

:24:39.:24:46.

you are not getting it right, you may be committing a crime.

:24:46.:24:51.

Barclays deal offered a lucrative incentive, the chance to buy 758

:24:51.:24:57.

million shares at a fixed price. We don't know who benefited from these

:24:57.:25:01.

share options, technically called warrants, because Barclays issued

:25:02.:25:08.

them to an offshore company. We do know a few facts. That offshore

:25:08.:25:13.

company was controlled by Sheikh Mansour. It then transferred to the

:25:13.:25:17.

Abu Dhabi Government, then an Abu Dhabi official, before eventually

:25:17.:25:22.

ending up back with Sheikh Mansour. Because it is all offshore it is

:25:22.:25:27.

impossible to prove whether the Sheikh benefited personally. Our

:25:27.:25:30.

evidence suggests that there are serious grounds to investigate

:25:30.:25:35.

whether he did. I think that red flags have popped up all over the

:25:35.:25:43.

place. Every Fred fly past to be dealt with. -- every red flag has

:25:43.:25:47.

to be dealt with. Whose responsibility is it to get to the

:25:47.:25:52.

bottom of those issues? It is Barclays's. We asked Sheikh Mansour

:25:52.:25:55.

and the Abu Dhabi investment vehicle about the deal but neither

:25:55.:25:59.

of them would speak to us. Barclays told us the allegations were not

:25:59.:26:04.

justified and that the change in ownership had no bearing on the

:26:04.:26:09.

transaction or required approvals. What we know for certain is that

:26:09.:26:13.

the Sheikh ended up as one of Barclays's biggest shareholders.

:26:13.:26:17.

The bank told us the deal was the correct decision for Barclays, its

:26:17.:26:21.

shareholders, its customers and its clients, as well as for the UK.

:26:21.:26:25.

They never turned to the British taxpayer. Senior executives did

:26:25.:26:30.

waive their bonuses the following year because of the deal, but the

:26:30.:26:40.
:26:40.:26:41.

bonus culture inside the bank Barclays says it is not fair to put

:26:41.:26:45.

this programme out the night before the new chief executive outlines

:26:45.:26:51.

his vision for the future. In a statement, Mr Jenkins told us:

:26:51.:26:55.

Unfortunately I cannot change the past. No one should underestimate

:26:55.:27:00.

our total resolve to make Barclays a better bank. One of his

:27:00.:27:07.

predecessors says things have to change. I think that trying to put

:27:07.:27:12.

the business on a more solid for towing so that it does not make

:27:12.:27:20.

these mis-steps in the future is very important. -- solid footing.

:27:20.:27:26.

But some critics think it is too little too late. Barclays went from

:27:26.:27:31.

being the most reputable bank long ago. You lose a reputation that

:27:31.:27:34.

takes hundreds of years to build in a few years and it will take them a

:27:34.:27:42.

long time to rebuild it. After so many years of relying on its

:27:42.:27:45.

troublesome investment bank, can Barclays finally end its addiction

:27:45.:27:55.
:27:55.:27:59.

Download Subtitles

SRT

ASS