Matt Barrett: Barclay’s CEO Position

Barclays Matt Barretts Journey- Winning Hearts and Minds Barclays was founded in 1690 in London. afterward 30 years later, Barclays started to expansion its area to the world, and became the first foreign commit to file with the Securities and Exchange Commission in Washington D.C. in 1981. Barclayss global market capitalization rank was fourth in 1980. However, it travel to 22 in 2000. In October 1999, Matt Barrett accepted the invitation of Barclayss chief operating officer position, and started to work on his challenge.At that time, the situation of the Barclays is that institutional investors were unhappy, employees were demoralized, and the front-line and senior executives had woolly confidence. Barrett soon discovered an excessive cost problem of Barclays and realized that the coin bank needed a shift in culture and mind-set, a virgin strategic direction, a structural overhaul, and an improved communications policy. Barrett had worked on changing the mind-set and culture of Barclays, and he believed that a more fact-based, value- growth preference to running Barclays was essential. At first six month, Barrett started to build the foundation.Barrett met approximately 10,000 employees during the sign three month. At the same time, Barrett developed his own vision for the bank- earn, invest, and grow. He planned to reduce cost by 1 billion for prudence money from cost. Six months after Barrett became CEO, Barrett committed the goals were to apply equally to him to management, and everyone in the organization. Barrett started to change the top management. For example, Barrett appointed people to take position, which was a portentous change on the ExCo and using young talent to the ExCo.Barrett started to think almost group strategy. In addition, Barrett and the ExCo decided to work with Marakon to set about feeling at all businesses and activities from a value perspective, identifying where value was organism created and where it was being destroy ed. Under Barnetts leadership, and with the help of Marakons systematic, fact-based approach, the ExCo developed a long-term strategic.