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Case Study

Barclays: Culture is more than just a word

By Didier Cossin and Mopesola Ogunsulire

6 pages

April 2022

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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

Keywords

London Interbank Offered Rate, Price Rigging, Risk Management, Governance, Corporate Culture, Accountability, Reputational Risk, Reputational Damage, Finance

Settings

World/global
Barclays, Finance and Insurance, Banking
2007-2016

Type

Published Sources

Available Languages

English

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This case study is part of a series

Barclays: Culture is more than just a word
Commonwealth Bank of Australia: Accommodating ATMs
Credit Suisse: Lackadaisical about risk
Wells Fargo: When eight wasn't great

This case study is part of a series

Barclays: Culture is more than just a word
Commonwealth Bank of Australia: Accommodating ATMs
Credit Suisse: Lackadaisical about risk
Wells Fargo: When eight wasn't great

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