Letter No 50a by Mike Allott:  email | back to directory

 


3 July 2012

Sir

Big Bang banking

SIR – When I joined Barclays (Letters, July 2) in the late Sixties, I signed up to a culture of rigid compliance. A formal dress code, obligatory banking exams, a job-evaluation system to grade our worth, an established career-path and an internal inspection unit that ruthlessly supervised every aspect. From the most junior clerk to the most senior manager, we all complied.

However, the deregulation of the 1986 Big Bang, and the rush for diversification, dramatically changed this culture. This power of persuasive selling, which had been anathema to traditional bankers, was now a new force driving Barclays’ profitability.

Barclays has switched from a culture of rigid caution to become an organisation of market-led entrepreneurs. Sadly, it has betrayed the principles of integrity upon which the bank was built.

Mike Allott 
Chandlers Ford, Hampshire

Letter no 7 in a sequence:
http://www.telegraph.co.uk/comment/letters/9370900/Leaving-the-EU-would-not-cost-jobs-but-might-cut-business-regulation.html