Autonomy Tag

Last week two blistering reports came out on the subject of supposed wrong doing, incompetence and poor leadership in banks. First was Anthony Salz’s report on Barclays culture prompted by the bank’s attempt to rig Libor and yesterday’s Parliamentary Commission on Banking Standards  pinpointing three senior executives once at the top of HBOS with indications that these people might never be able to work in financial services again. In addition, RBS investors launched a class action lawsuit against the bank and former directors including the ex CEO Fred Goodwin. They are looking for £4bn in compensation. Not surprisingly all these projects were managed by those outside the organisations which does not say much for the degree of internal self discipline and self analysis which their existing culture engenders.

[caption id="attachment_115" align="alignleft" width="150"]HP Autonomy comment Why didn't they understand each other?[/caption] What a glittering array of advisers were on hand to take HP and Autonomy to completion in August 2011. Barclays Capital and Perella Weinberg advised HP and for Autonomy it was Goldman Sachs, Citigroup, Merrill Lynch, UBS and JPMorgan Chase. Did any of them see any signs that the relationship would crumble in the way that it has?

HP Autonomy commentYet again we see a story about a merger that has foundered post-close when all the advisers have banked their fees and left the scene. It’s a depressing story about due diligence that we see again and again.