Today, Barclays Bank's outlook got worse. Moody's the credit rating company, look to be ready to downgrade Barclays rating unless they get the problems under control by the end of the month. The consequences of that action is that Barclays will have to pay more to borrow money, which means that they will be less profitable. The problems at Barclays seem to be huge. They have to replace three senior figures, the C.E.O. the Chairman and the chief operating officer, who had only recently been promoted. Then they have to sort out the culture. Several well placed persons have commented on the culture that pervades Barclays Bank. This is an equally difficult thing to do and may involve more people losing their jobs, or 'falling on their swords' to further save the bank from further embaressment. And all of this is the result of people trying to make the bank more money!
The point is, where did that money come from? Three guesses.................................
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