The Salz review into the culture and ethics at Barclays has found that there were serious failings at the bank.
In June 2012, the FSA found that there were serious failings in the way interest rate hedging products had been sold by Barclays, among other banks, to small and medium-sized enterprises (SMEs) and required the banks to provide redress where mis-selling had occurred.
The report went on to discuss more widespread problems in the financial sector:
Across Europe and the US, some banks – large and small – failed while others needed considerable support to continue operating. Many of the banks which experienced the greatest difficulties seem to us to have suffered from a combination of control and risk management failures, exacerbated by cultures favouring aggressive growth, and often compounded by governance weaknesses. Underpinning these failings was a hubris born of (as it turned out) misplaced confidence that financial markets had irreversibly changed in ways that somehow made banks and economies more robust.