Barclays: The Evolution of Banking Between Profit and Legitimacy

This article provides an in-depth analysis of the evolution of Barclays Bank, serving as a case study of the transformation of the entire financial sector in the City following the deregulation of the "Big Bang." The author describes the process of shifting from trust-based relationship banking to an aggressive investment model in which risk became a commodity. The article sheds light on the systemic causes of the Libor scandal and the phenomenon of misselling, pointing to the destructive role of information asymmetry and flawed incentive systems. By comparing the management styles of Bob Diamond and Antony Jenkins, the article raises questions about the possibility of moral renewal for financial institutions and the mechanisms necessary to regain lost social legitimacy in a world dominated by quantified risk.