It’s a bit like the Gulag with all this ‘re-education’ going on,” my mole grumbled. Mole is a senior trader at Barclays in London and has witnessed, with a jaundiced eye, the new Barclays chief executive’s purging offensive. Antony Jenkins, who replaced Bob Diamond last September, has been babbling to anyone who will listen that he will change the culture at the bank and turn it from a wicked hobgoblin into a fragrant princess. Jenkins purrs that murky episodes like complex tax planning that aimed to “rip the Revenue’s eyeballs out” (in trader’s parlance) and fund-raisings that lack transparency are things of the past for the UK bank.
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