More negative news for Barclays

The Daily Mail has an extensive article about Barclays Wealth, a division of Barclays Bank.  This particular problem was triggered by the SEC's concerns about Barclays Wealth back in 2011.  An outside firm was hired to investigate.  Their report found the management of Barclays Wealth:

• Pursued a ‘revenue at all costs’ strategy.
• Fostered a culture of fear and intimidation.
• Were ‘actively hostile’ to the idea of compliance with banking rules.
• Presided over a ‘broken culture’ where problems were ignored or buried.
• Allowed the business to spin ‘out of control’.

The report was presented in March 2012 to Andrew Tinney,  COO of Barclays Wealth, who proceeded to shred it.  In late 2012 a whistleblower informs the new Barclays Bank CEO of the report.  Tinney denies it existed.  When a second whistleblower makes the same charge, Tinney acknowledges the fact.  Tinney is allowed to resign in January of this year.

What will come of all this is unknown.