Barclays 2012 Annual Report Download - page 10

“I started as Barclays
Chief Executive at a turning
point in our 323 year history.”
Antony Jenkins
Group Chief Executive
Group Chief Executive’s review
2012 was unquestionably a difficult year for Barclays and the
banking industry. Serious mistakes were made and trust badly
damaged. Significant change is needed. But while I am determined
that we will not repeat the mistakes of the past, I also recognise that
Barclays remains a great business and we need to reshape it to meet
the needs of all stakeholders – colleagues, customers, clients,
broader society and, of course, our shareholders.
Becoming the ‘Go-To’ bank
I have defined Barclays goal as becoming the ‘Go-To’ bank. Quite
simply, this means that in future Barclays will be the instinctive partner
of choice for anyone looking to do banking business, whether a small
business, first-time house buyer or a large corporate undertaking a
complex merger or acquisition deal. I want Barclays to be recognised
not just for our performance, but for the values we embody in
everything we do. If we can achieve this then we will become both
the rational and emotional bank of choice for people regardless of
the transaction they are looking to make.
This goal is ambitious. The changes we are making are fundamental
and the plans we have announced comprehensive. But without them,
Barclays will not prosper in what is an ever-changing environment.
Transforming Barclays
Our Transform Programme has three components. Turnaround,
Return Acceptable Numbers and Sustain Forward Momentum.
Turnaround was the immediate task of stabilising the business and
maintaining momentum after the settlement in relation to LIBOR
and EURIBOR in the summer and its subsequent impact on Barclays
reputation. I was determined that this would mean listening to all of
our stakeholders. We have proactively looked to rebuild relationships
with our regulators through frequent, transparent dialogue. We have
engaged with politicians, the media, our customers and clients, and
I have personally met dozens of investors and analysts. And of course,
we have consulted thousands of our colleagues.
Each of these groups had one clear request – for Barclays to become
a better bank. This is what we are striving to achieve and I thank
everyone who engaged with us.
Barclays will only be a valuable business
if it is a values-driven business. We must
operate to the highest standards if our
stakeholders are to trust us and bring
their business to Barclays.
Transform overview
Stabilise the
organisation,
provide context
for the change to
come, maintain
short term
momentum
Improve business
returns, define
and execute plan
to deliver RoE
above CoE
Become the
‘Go-To’ bank,
for our stakeholders
– customers and
clients, colleagues,
investors and
wider society
0-9 months
Turnaround
0-3 years
Return Acceptable Numbers
0-5 years
Sustain FORward Momentum
For more information on our Transform Programme
please see pages 10-13
barclays.com/annualreport08 I Barclays PLC Annual Report 2012