The fatwah strikes
THE trouble with Barclays is not in the branches but at the head office. I have long maintained that there is a fatwah on this bulbous monster in the Moorish taste, known to its affronted neighbours as the Islamic Cultural Centre. Other banks can close branches, and do, all the time, with- out provoking ministers to call for boycotts. (An effective boycott would make Barclays close more branches.) Other banks can remember to send their reports and accounts out to the City press. Barclays meant to, but forgot — or perhaps some jobsworth in the post-room thought we should be spared the details of Sir Topham Hatt's remuneration. They got out, all the same, much to Sir Topham's embarrass- ment. Time is not on Barclays' side, as its managers know. They have learned from the National Westminster's fate that if they do not beat the costs out of their business, a bidder will come along and do it for them. Their economies should begin at home.
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