Barclays bankers were 'oblivious to reality', report finds

Barclays reputation was hit when it refused to comply with the spirit of financial regulation and by allowing a group of elite investment bankers to "lose a sense of proportionality and humility", a report has found.

The Salz report, the review of the bank by corporate lawyer and investment banker Anthony Salz, concluded the bank's adversarial relationship with City watchdogs was a contributing factor to its reputation woes, the Telegraph reports. "Barclays was sometimes perceived as being within the letter of the law, but not within its spirit," the report said. Salz also said a contingent of investment bankers had the view they were "somehow unaffected by the ordinary rules".   The report said: “A few investment bankers seemed to lose a sense of proportion and humility...