U.K.-based bank Barclays has been in the spotlight over the course of the last year for its extremely high litigation costs, regulatory fines, investigations, involvement in the Libor scandal, and charging traders with conspiracy. It’s own CEO forfeited his 2013 bonus as a symbol of his admittance and responsibility for the company’s careless spending. Indeed, its litigation costs increased 142 percent in 2013. But, amid such severe claims and high-profile cases, the bank has created a program to significantly increase its efforts to maintain compliance.
A move such as this seems like a no-brainer for a company that has been pummeled with legal problems because of its corrupt activity and lack of compliance. The financial institution has revealed that it is launching a Compliance Career Academy to make changes to compliance and train employees at every location. Compliance Week quotes David Walker, Barclays chairman, in the company’s official statement: