Case Study

Barclays: Culture is more than just a word

6 pages
April 2022
Reference: IMD-7-2360

During the financial crisis of 2007-2008, Barclays manipulated LIBOR down by submitting artificially low rates to make itself look less risky. Traders also manipulated the rate for personal gain. This ultimately proved costly to Barclays’ shareholders when the bank paid fines of $435 million to settle cases with UK and US regulatory authorities and a further $100 million in 2016 to 44 states in the US. Barclays also suffered considerable reputational damage and the scandal led to the resignations of chairman Marcus Agius and Group CEO Bob Diamond.

Learning Objective
  • Governance and risk management in global universal banks
London Interbank Offered Rate, Price Rigging, Risk Management, Corporate Culture, Accountability, Reputational Risk, Reputational Damage
Barclays, Finance and Insurance, Banking
Published Sources
© 2022
Available Languages
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