Barclays will begin a forensic investigation into the events surrounding the recent Barclays scandal as the financial institution attempts to restore public confidence in the British banking system.
A three page document titled “The Salz review of Barclays’ Business Practices” details the investigational review, which will be led by Anthony Salz, a former partner at the Freshfields law firm and the current vice chairman of the Rothschild investment bank.
“As an institution, Barclays must move further and faster to demonstrate that banks, and those who work for them, consistently operate to the highest standards of probity, integrity and honesty,” the document says, according to Orange News.
Last month, Barclays agreed to pay $453 million in a settlement with U.S. and British authorities regarding the firm’s involvement in the manipulation of the London interbank offered rate, commonly referred to as Libor.
Barclays’ Deputy Chairman Michael Rake will lead the inquiry at the board level, while non-executive directors Alison Carnwath, David Booth and John Sunderland will also participate in the review.
“To rebuild trust, Barclays must start with an open and honest assessment of the bank’s current values, principles and standards of operation; determine to what extent they need to change; test how well decision-making processes currently incorporate those values, principles and standards, and outline how those processes need to change; and determine whether or not the appropriate training, development, incentives and disciplinary processes are in place to reinforce them,” the inquiry’s terms of reference say, Orange News reports.
Additionally, Salz will have the authority to appoint a deputy and a professional services firm to assist in the inquiry, “rely[ing] on access to a wide range of stakeholders including, for example, customers, clients, shareholders, regulator, government officials, staff (current and former) and other interested parties, and any internal and external data (including relevant papers, reports, minutes, etc.),” according to Orange News.