Anthony Jenkins, chief executive of Barclays, said allegations that the bank misled customers over its ‘dark pool’ trading are a reminder of the “urgent necessity” to change the company’s culture.
Mr Jenkins, who took over as chief executive from Bob Diamond in the summer of 2012, said: “I have also always made it clear that cultural change will take time, but it is precisely incidents such as this which drive home the urgent necessity of the programme we have embarked on to transform the values and conduct of this business.”
FastFT reports Eric Schneiderman, the New York attorney general, on Wednesday (25 June) accused the bank of lying to clients about the level of protection they would receive in its dark pool from high-frequency traders aiming to profit from their speed advantage.
In a memo to the bank’s staff, a copy of which was obtained by the Financial Times, Mr Jenkins said: “We are undertaking a full internal investigation into these allegations, which will report directly to me. To assist us in that we have brought in substantial external resource to ensure that the investigation can proceed at pace and is properly objective.
“The real test of our commitment to our values is how we respond to those challenges when they arise... And if there has been wrongdoing, we will address it quickly and decisively.”
The bank’s shares fell 6.5 per cent yesterday (26 June) in the wake of the lawsuit filed by the attorney general.