Barclays has struggled to find the right leadership and has become embroiled in courtroom battles and investigations into employee conduct. What went wrong?
Shortly after taking over as chief executive of banking group Barclays in August 2012, Antony Jenkins sent the company's 150,000 staff a frank memo. Jenkins was launching Transform, a programme to metamorphose Barclays from a financial services company that had just been fined £290m for attempting to illegally rig interest rates, into an ethical organisation. Not only that, he had a message for any employee who didn't buy into the link being created between Barclays' purpose and values and its business performance. "Barclays is not the place for you," he wrote. "The rules have changed. You won't feel comfortable at Barclays and, to be frank, we won't feel comfortable with you as colleagues.” Tough talk, but three years later, th