Banks Begin the Journey Back to Respectabilityhttp://www.fool.com/investing/general/2013/04/03/banks-begin-the-journey-back-to-respectability.aspx Andrew Marder
April 3, 2013
After Barclays (NYSE: BCS) received a $430 million fine last year for rigging the LIBOR, the bank decided to do some introspection. Management commissioned an internal investigation in to what went wrong, and what the bank could look out for in the future to avoid a relapse. In summary, "The culture that emerged tended to favor transactions over relationships, the short term over sustainability and financial over other business purposes."
To sustain that size, traders in the investment bank had to make a lot of money. As a result, they expected to be paid large sums. So far, so good. The problem came when the equation reversed itself. Bankers were no longer being paid big bonu