The Sunday Telegraph has reported that Jenkins, who replaced Bob Diamond in the role in the wake of the Libor fixing scandal, delivered the stark confession as he outlined plans to overhaul the bank’s standards.
'Right now (at) Barclays I don’t think you could say that we have an expressed purpose that operates across the organisation', said Jenkins during a conference in Pittsburgh in the United States.
In the meantime, The Sunday Telegraph also reported that The Royal Bank of Scotland is to spend £80m to upgrade and centralise its mainframe computer systems in the wake of June’s system shutdown and after Santander used RBS’s poor technology as an excuse to walk away from a deal to buy 316 branches.
The newspaper's sources have indicated that RBS has as many as 15 mainframe systems as a result of a lack of consolidation following past acquisitions dating as far back as the NatWest purchase in 2000.
image: © Toby Jagmohan