Breaking the bank (part 1)

BMO 😉

thenextwave

How the idea of the ‘Core Group’ helps us understand the Barclays’ rate-fixing scandal

Much of the writing on Barclay’s rate-fixing scandal – which has forced the resignations of both the chief executive, Bob Diamond, and the chairman, Marcus Agius – focused on issues of culture, but without asking where culture inside organisations comes from or how it is set, other than maybe an over-simple idea that it comes ‘from the top’. Of course, some of the interest in culture was prompted by the ex-Chief Executive, Bob Diamond, in the BBC lecture he gave last year, which I imagine seemed like a good idea at the time. Andrew Rawnsley quoted a couple of lines in an article in the Observer earlier this month:

“Culture,” he [Diamond] said in a BBC lecture last year, “is difficult to define. But for me the evidence of culture is how people behave when no…

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