“Another thing that irks me,” I wrote, “is that, despite much pontificating about changing the culture of the investment bank, the top managers are still the old guard. A complete change of culture? Please, don’t talk nonsense.” My writer’s remorse was assuaged, however, when the Salz review was published in early April. This was a voluminous review commissioned last summer after the bank was fined some £290 million for manipulating the Libor rate. It was put together by Anthony Salz, a Rothschild vice-chairman, and cost £17 million to produce.
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