Barclays must go further in overhauling its pay practices after a culture of "overly generous" bonuses put profit first in the run-up to the bank's Libor scandal, an independent review has revealed.
A report by lawyer Anthony Salz, who was commissioned to look at the bank's culture following its £290m Libor settlement last year, found Barclays became "too complex to manage".
It also found that excessive pay and bonuses saw some bankers believe they were "unaffected by the rules".
In the 244-page report, which follows more than 600 interviews over eight months, Mr Salz calls for Barclays to bolster its board, strengthen its human resources function and ensure pay is linked to the "long-term success of the institution".
The company said it must learn from the findings revealed in the review.
The report said the bank developed a specific "culture" based on "the struggle for survival, independent of government, (which) dominated its activities".
It added: "This led to a 'backs against the wall' mentality and a strong drive to win, 'winning' being an evident part of the investment bank's culture."
Barclays chairman David Walker said in a statement: "The report makes for uncomfortable reading in parts."
"Our plan is to report back in advance of the AGM on how we intend to implement the recommendations made, particularly those that go beyond the scope of work already underway."
Barclays, which was criticised for its key role in Libor-fixing, and also payment protection insurance mis-selling, said the review of business practices already substantially aligned with its transformational progress.
Amid the scandals the company came under renewed fire recently over the issue of pay restraint.
Barclays picked Budget Day in March to reveal nine executives would receive more than £40m in shares.
It was earlier revealed that the bank paid 428 staff more than £1m - with some of those receiving £5m salaries.
Meanwhile, chief executive Antony Jenkins has also revealed that the growing automation of banking services could result in tens of thousands of jobs disappearing from its workforce during the next decade.
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