Monday, 27 January 2014 02:31

Barclays to wait a decade to regain public trust

Barclays to wait a decade to regain public trust.
 
Following a series of scandals from Barclays, the chief executive Antony Jenkins has confessed that it could take from five to ten years for the public to trust them again.
 
Their secretive corrupt behavior during years of economic growth has returned to haunt them, as revelations are coming out which do not spell good news.
 
Investigations into potential benchmark riggings are now taking place. Worryingly some of these riggings seem to have taken place as recently as last year, which was after the authoritative figures of the banks make public statements about this behavior being unacceptable.
 
Jenkins has said that is takes years to build trust, and only weeks to lose it. Barclays are currently faced with a reputation of an organization that is prepared to break the rules and risk their customer’s welfare if there’s cash to be made.
 
The cost of PPI compensation has crippled other banks such as the RBS, Co-op Bank and Lloyds. The Co-op nearly collapsed after reputation ruining allegations, and American authorities for facilitating sanctions busting have criticized the RBS.
 
 Banks have been claiming that these scandals are “all in the past” and that we should forget about wrong doings they have very much washed their hands of. But it is expected that yet more revelations are pending for the New Year, and that even now they are still lying to the public.
 
Why should we trust them if they continue to cover up wrongdoings?
 
Jenkins has claimed that activity in the bank will be monitored carefully from now on, with progress being tracked in a very systematic and public manner.
 
But how do we know they’re not sitting on yet more secrets? Are the days of mainstream confidence in bank loans coming to an end?

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