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LONDON (Alliance News) - It could take five to 10 years before people trust Barclays again, said Chief Executive Anthony Jenkins Monday, after confidence in the bank took a hit over a swathe of scandals, accusations and fines, the BBC reports.
Speaking to students at a Speakers for Schools event in East London, Jenkins said that his bank will continue to rebuild people's trust in the bank, and that he will "very publicly" measure how the bank is faring in winning back public confidence along the way, said the BBC.
Focused on a quantifiable result, Jenkins said that he has set Barclays the target of being more trusted than not by 2018, with progress measured and monitored in a systematic way. This is one of eight commitments Jenkins is set to make to staff, customers, shareholders and 'society' in a few months.
Jenkins currently slates the bank as scoring less than five out of ten on a trust scale; he aims to increase this to 6.5 out of ten by 2018, reports the BBC.
Over recent years the bank has been accused and charged with foreign exchange rate fixing, manipulation of rates, the payment protection insurance scandal, miss-selling of interest rate swaps, and has subsequently been slapped with huge fines, all causing public faith in the bank to take a hit.
However, this reduced consumer confidence is not only true for Barclays; the Co-op, Lloyds, The Royal Bank of Scotland, HSBC, Standard Chartered, UBS and ICAP have also been hit with scandals, fines and are facing now-dented trust by customers.
Set up by the BBC's business editor, Robert Peston, the Speakers for Schools charity organises free talks in state schools by leading business people.
Shares in Barclays were trading up 0.67% at 1,347 pence per share Tuesday morning.
http://www.bbc.co.uk/news/business-25549660
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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