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Bank charges: Salz criticises Barclays’ focus on profits

Barclays has been criticised for focusing too much on profits, according to a review from Anthony Salz.

Mr Salz, a solicitor who is also known for his previous role on the Board of Governors at the BBC, was commissioned to review Barclays banking practices after it was fined for Libor rigging.

He said: “The problems faced by Barclays are to some extent industry problems - though Barclays should take no comfort in this.”

One of the criticisms he raised was that the bank tended to put financial gains above other aspects of the business and focused too much on getting transactions rather than developing relationships.

This was because the bank’s vision for growth happened too quickly and so management became complicated.

Last year, Barclays was fined £290 million for Libor rigging. It is one of three banks that has been fined in the global financial scandal.

Investigations into Libor are still going on, with the Financial Conduct Authority taking over these in the UK.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801565790-ADNFCR

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