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Bank charges: Barclays to focus on new culture

Barclays bank are to focus on creating the right culture in their organisation in the future, following the payment protection insurance scandals and Libor rigging that blighted the sector.

Speaking at the Annual General Meeting (AGM),  chairman Sir David Walker declared there needed to be a change to increase consumer confidence.

"Changing Barclays' culture is critical if we are to rebuild trust," he said. "We started work with the launch in January this year of our new Purpose and Values."

Barclays has defined its purpose as helping people achieve their ambitions, based on core values of respect, integrity, service, excellence and stewardship.

Sir David stressed that this will take time but the bank is already making important progress.

This includes fundamentally changing remuneration structures to ensure they reflect how results are delivered, in addition to just their existence.

Removing all sales commission for branch-based staff with performance has been the first part of this.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801577591-ADNFCR

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