How much did the Dude emails really cost Barclays Bank? On paper, there’s the figure of £290m ($450m) in fines for manipulating the inter-bank lending rate (Libor). But on top of that tangible financial punishment lies the hidden cost of the reputational damage compounded by the traders’ emails.We may never know the true cost of the reputational damage to Barclays Bank. However, such email disasters are not new. I have examples going back over 10 years, yet still we don’t learn that email communication can be permanent.Even if you think you have destroyed the email, it will be archived somewhere by someone. Read any newsfeed and you will find at least one example each week.I have written before about the hidden cost of poor email practice. Yet the emails from the Barclays Libor scandal have perhaps the highest profile of any recent email media disaster. What you say in an email is in effect your e-dress code: it is a picture of you and your business. What image did these Dude emails create for Barclays customers, the business community and the wider public?September is traditionally the new-joiners season with bright new graduates making the transition into the corporate workspace. What… Read full this story
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