Barclays' Culture Led To $450M Libor Fine, Report Says

Law360, New York (April 3, 2013, 4:16 PM EDT) -- A win-at-all-costs attitude dominated the investment banking unit at Barclays PLC and contributed to a culture that saw its traders manipulate the London Interbank Offered Rate and resulted in a $450 million fine last year, according to a report commissioned by the bank that was released Wednesday.

The review, led by former Freshfields Bruckhaus Deringer LLP chief Anthony Salz, found that Barclays developed a culture throughout its sprawling operations that led to shortcuts and shoddy treatment of customers.

The report, commissioned soon after the Libor fine...
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