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Barclays sets up academy to train staff on truthfulness

Barclays, which is facing allegations of fraud in the US, is setting up an academy with Cambridge Judge Business School where it will send its 2,100 compliance staff for specialized training by academics ranging from philosophers to lawyers. Launching the Compliance Career Academy barely a week after being hit by allegations about the treatment of customers trading in so-called ‘dark pools’, the bank’s chairman, Sir David Walker said: “We have a Barclays way, guidance on the way we want people to conduct themselves, that has to be embedded in the business. If we can’t embed it from the top to the bottom we will have failed.” Barclays, which spends £300 million a year on compliance, said the new academy cost tens of millions and would offer courses other banks will be able to send their staff on. The latest allegations by the New York attorney general Eric Schneiderman about the specialist dark pool trading system – which allows trades to be placed anonymously – have forced Barclays to assemble a 50-strong hit squad to respond to the criticisms. The academics at Cambridge Judge Business School – led by Dame Sandra Dawson who sat on the Barclays board for six years until 2009 – will train Barclays staff on subjects such as truthfulness and “what is compliance?”

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