Barclays Plc made an official statement revealing its intent to open a Compliance Career Academy with Cambridge University’s Judge Business School in order to teach its employees compliance. The U.K.-based lender plans to provide its employees all over the world with technical and behavioral training, while also offering compliance courses to employees of other companies.
“Strong and effective internal compliance is essential to ensuring banks operate in the right way,” David Walker, Chairman of Barclays Plc, said in a statement cited by Bloomberg.
The Academy comes as part of the efforts of Barclays Plc Chief Executive Officer Mr. Antony Jenkins to improve the U.K. lenders culture, after the bank was fined a record sum of £290 million ($497 million) for falsifying the London interbank offered rate. The program will cost tens of millions, and Barclays is already spending more than £300 million on ethics courses and related activities.
“There is some very intelligent, sensitive fine-tuning needed, but we should be wary of throwing the baby out with the bathwater,” Walker said, according to the Financial Times.
Currently, Barclays keeps its positions among Forex dealers, despite it being investigated by more than 15 authorities worldwide. The Compliance Career Academy is part of this project in order to prove that the bank has kept its high standards and, as explained by its Chairman, that it is trying to become “a world center in excellence”.
Barclays Plc added 0.34% to trade at 220.10 pence per share by 9:35 GMT, marking a one year change of -18.60%. According to information published by the Financial Times, the 28 analysts offering 12-month price targets for Barclays Plc have a median target of 285.50, with a high estimate of 365.00 and a low estimate of 203.22. The median estimate represents a 31.51% increase from the last price of 217.10.
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