Bloomberg Law
July 28, 2022, 1:19 PM

Barclays Shows How to Get Out of a Blunder: Paul J. Davies

Paul J. Davies

When you make a mistake, it’s best to come clean and fix it as quickly as you can. That’s what Barclays Plc appears to be doing with its embarrassing error selling investment products in the US for which it didn’t have permission. It’s still going to be costly, but if things turn out as the UK bank now expects, then the whole episode could ultimately reflect well on C.S. Venkatakrishnan in his first year as chief executive officer.

The problem came to light in the first quarter when Barclays spotted it had forgotten to file a simple approval request with the US ...