I'm not sure why anyone is really surprised by this report in the FT, because it simply backs up exactly what I would have expected to be happening at the time:
A senior executive has left Barclays' wealth management business after allegations he suppressed a critical report on the unit's culture in the US, in yet another reputational blow for the UK bank. Andrew Tinney stepped down as chief operating officer of Barclays' wealth management unit a week ago, according to the bank. His departure came after an independent report last year found cultural shortcomings at the bank's US wealth management operations.
Genesis Ventures, the consultancy responsible for the review, presented key findings to senior management in spring last year and they resulted in changes being made at the division.
Mr Tinney, who could not be reached for comment, allegedly failed to tell his superiors about a more comprehensive written report by Genesis that found a “revenue at all costs” strategy and “fear and intimidation” culture, according to the Daily Mail on Sunday.
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That’ll be pretty similar to the culture that’s been developing in the civil service and wider public sector these last few years then, Richard: a fear of saying anything, putting forward any ideas, or thinking about any policy that doesn’t first and foremost favour big business and the 1%.
By the end of this government that’ll be the cultural norm across government and it’ll take years to undo and a future government firmly committed to rebalancing democracy in this country to do it. Sadly, I think Labour will not be suitably equiped or committed.
As you say this can hardly be a surprise. I remember a double-page spread in the Observer (?) detailing a web of Transatlantic transactions by Bob Diamond’s section when he was in charge of ‘Tax minimisation’. Unfortunately, I can’t remember how many years ago and I’ve never been able to find a link, or the author. (Probably someone that you know?)
However, the two facts that I held onto was that Barclay’s ‘tax minimisation’ section was as large as the banking section and that the culture was ruthless, punitive and cut-throat. For those reasons, I was appalled when Bob Diamond was promoted.
You were not alone