The standard line on Barclays (and investment banking) since the crisis is that it has a “cultural” problem. The long standing CRESC argument is that there is a material problem about the business model in investment banking (which can be illustrated from the Barclays report and accounts).

The slides that make up this report present a basic briefing on what is wrong. They were originally prepared by CRESC as a briefing in response to a media request for statistics in May 2012. However, as that briefing has now been cited in the national media in the wake of the Libor scandal (The Guardian, 10 July), we have reviewed the argument and are now publishing it  the CRESC web site.

We do this with the proviso that we would ordinarily present a more sophisticated and rounded analysis of company and industry.