BARCLAYS 'culture of pushing the limits'

Jerry del evidence to MPs, coupled with that of Andrew Bailey of the FSA,
reinforced what many will see as a depressing picture of Barclays as a giant global bank with pockets of severe rot in its culture.

Mr Bailey agreed that meant Bob Diamond, who recently resigned as chief executive of Barclays, was not taking sufficient steps to clean up the bank.
What for many will be the most striking element of Mr del Missier's testimony was his clear recollection that Bob Diamond, in a telephone call,
had passed on an instruction from the Bank of England to lie about the interest rates Barclays was paying.
That is world's apart from what Paul Tucker, deputy governor of the Bank of England, says he conveyed to Mr Diamond - and differs from Mr Diamond's recollection.
Both deny that any such instruction was given.
MPs were understandably bemused by how there could be such extraordinary misunderstandings of such a highly sensitive issue by three such senior City figures.
As for the FSA, there is an apparent contradiction between its lecturing of Barclays to clean up its culture earlier this year and the approval it gave for the
promotion of Mr del Missier to be Barclays' number two. That approval was given just days before Barclays incurred record fines and penalties for Libor wrongdoing
which in turn prompted Mr del Missier to resign.
Some will say that shows the FSA is not, to use the cliche, a joined-up organisation, since it was aware Barclays would be severely punished for lying about interest rates.
But, of course, the embarrassment is greatest for Barclays, which is fast losing what is as important to a bank as capital to absorb losses, namely a reputation
for integrity and competence.