People focus boosts bank’s fortunes
Comments are closed. People focus boosts bank’s fortunesOn 5 Oct 2004 in Personnel Today Thefocus of Barclays’ chief executive on people policies helped the bank recoverfrom its financial woes of the late 1990s, according to its most senior HRprofessional.MattBarrett was brought in by Barclays in 1999. The bank had fallen to 22nd place inthe global banking market from a high of fourth position, and the previouschief executive had just been fired in the middle of a board meeting.HisHR background meant he was aware that focusing on people and culture was thekey to turning Barclays around, said Gary Dibb, chief administration officer.”Forthe first two years, Matt was on a constant circuit talking to employees,”he told delegates at the Economist HR Directors’ European Summit. “If anemployee had an idea that worked, they would get a personalised letter or phonecall from the chief executive.”Barrett’sfirst target of cutting costs by £1bn meant that HR spend was slashed by 39 percent. But he also changed the culture. Barclays consisted of four highlyautonomous businesses -retail banking, Barclays Capital, Barclaycard andPrivate Banking – which rarely communicated with each other.”Wemade big changes to the 10-strong executive committee,” said Dibb. “There was also lotsof movement between businesses, breaking down the silos.” Previous Article Next Article Related posts:No related photos.