Barclays: Matt Barrett’s Journey †Winning Hearts and Minds Essay

The fact that Barclays is single of the four most dominant retail and commercial banks in the U.K. says a lot ab break its reputation. This phoner has faced many challenges between the prison term periods of 1980-2000. Matt Barrett has several great ideas to turn this company around, and the factors that should be considered ar essential to the success of his strategy.Social/DemographicThe Company initiates good node relationship skills. They have built personal relationships with one out of basketball squad personal clients, and have direct relationships with 25% of the businesses in the U.K. On the downside, the companys cost base is much higher than its competitors. The plan is to compound the effect infrastructure of the company in install to build a stronger node base. Becoming more competitive and offering determine to its core products will make Barclays the competitive edge it shoots to help increase profit and attract new clients.TechnologicalBarrett and his E xecutive Committee (ExCo) team have plans to restructure the company by shifting its culture. In order to shift the culture, the mind-set of the employees has to change. Barrett promoted younger talent to join his ExCo team to give the company fresh innovative ideas. These new ideas will give solutions to supercede the incompetence of traditional strategies that atomic number 18 no longer useful. The company excessively did an analysis on the industry and company data to figure out which segments were making money, and which ones werent. A value-based management approach gives the ExCo team an opportunity to deliberate on challenges and risks, and make strategic decision about what segments to add, and what to take away. scotchConsidering that Barclays is a reputable company, and the fact that an estimated 20% of its profits are generated right(prenominal) of the U.K it would be ideal for the company to expand to gain exposure. The company is the ordinal largest bank in Europe , and already has a customer base in the country. Developing a second home market in Continental Europe would allow the company to create a larger customer base, therefore increasing profit.Environmental/GeographicBarclays is located in a stable economy with a strong domestic franchise. The only crutch is that they need a strategy to compete with new entrants. The U.K. accounts for 80% of the companys profit, so plans to restructure core products will require a dynamical strategic plan. Using diverse tactics to differentiate product/customer markets will help countenance in maximizing the economic value of the company and improving these products by offering value to clients will aid in creating a stronger customer base.Political/Legal/Governmental Barclays is the branch foreign bank to file with the Securities and Exchange Commission in working capital D.C. This is an advantage to the company on a global scale because banking laws are enforced according to SEC regulations. On t he downside, the company may be overlooked by firms who are looking to establish offshore accounts in order to bypass these regulations.