By Elisabeth Marx (auth.)
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Extra resources for The Power of Global Teams: Driving Growth and Innovation in a Fast Changing World
Example text
That this CEO is serious about the implementation of cultural change was reinforced in news coverage in January 2013 indicating that Antony Jenkins told the bank’s 140,000 employees to sign up to the new code of conduct or leave the bank, and that he and the Chairman, Sir David Walker, stated their commitment to reward those who adhere to Barclays’ values as opposed to exclusively focusing on short-term profits. What Happens in Top Teams? In business practice, we often find that team collaboration is at a rudimentary level, as suggested by the following indicators: ġ Team meetings that do not allow time for a real discussion ġ A short-term focus where urgent issues overpower the important ones ġ No clear framework for decision-making ġ Very little joint problem-solving.
In the run-up to the financial crisis, it became obvious to me that the industry needed to change. The crisis made this much more urgent as it became clear that the industry had lost the concept of serving its stakeholders. In my previous roles as Head of Barclaycard and Head of Retail Banking at Barclays, I had already worked on the concept of serving stakeholders and had advocated for change within Barclays. The events of the Libor crisis in the summer of 2012, including my predecessor’s departure, forced a complete re-think for Barclays.
1 Ǡ THE MIX AT T H E T OP I immediately made some significant changes to the executive committee and promoted two of my former key executives, the Head of Barclaycard and the Head of Retail Bank, to the executive team. It was the right thing to do, given the significance of these two businesses in our Group. I also created a new role of Group Head of Operations and Technology. This also resulted in an internal promotion, after carefully reviewing the external market. The team is not complete yet – we are currently recruiting a Group HR Director, a CFO and a General Counsel.