{"id":19011,"date":"2013-01-22T06:47:22","date_gmt":"2013-01-22T06:47:22","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=19011"},"modified":"2013-01-22T06:47:22","modified_gmt":"2013-01-22T06:47:22","slug":"barclays-us-wealth-management-had-a-fear-and-intimidation-culture","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/01\/22\/barclays-us-wealth-management-had-a-fear-and-intimidation-culture\/","title":{"rendered":"Barclays US wealth management had a &#8220;fear and intimidation&#8221; culture"},"content":{"rendered":"<p>I'm not sure why<a href=\"http:\/\/www.ft.com\/cms\/s\/0\/3f8801cc-63ff-11e2-b92c-00144feab49a.html#ixzz2IgTsSUt9\" target=\"_blank\"> anyone is really\u00a0surprised\u00a0by this\u00a0report\u00a0in the FT<\/a>, because it simply backs up exactly what I would have expected to be happening at the time:<\/p>\n<blockquote><p>A senior executive has left\u00a0Barclays\u2019 wealth management business after allegations he suppressed a critical report on the unit\u2019s culture in the US, in yet another reputational blow for the UK bank.\u00a0<span style=\"font-size: 13px;\">Andrew Tinney stepped down as chief operating officer of Barclays\u2019 wealth management unit a week ago, according to the bank.\u00a0<\/span><span style=\"font-size: 13px;\">His departure came after an independent report last year found cultural shortcomings at the bank\u2019s US wealth management operations.<\/span><\/p>\n<p>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.<\/p>\n<p>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 \u201crevenue at all costs\u201d strategy and \u201cfear and intimidation\u201d culture, according to the Daily Mail on Sunday.<\/p><\/blockquote>\n<div>I wonder what else it said because in that\u00a0environment\u00a0 things go wrong. Maybe that's why Barclays are worried. This is another legacy of the Diamond era.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;m not sure why anyone is really\u00a0surprised\u00a0by this\u00a0report\u00a0in the FT, because it simply backs up exactly what I would have expected to be happening at<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/01\/22\/barclays-us-wealth-management-had-a-fear-and-intimidation-culture\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-19011","post","type-post","status-publish","format-standard","hentry","category-barclays"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=19011"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19011\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=19011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=19011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=19011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}