A new independent review has found that UK's Barclays bank paid too much to tis employees, grew too fast and was not able to create a unified culture in the company in recent years.

The new massive independent review published by the bank today was compiled by investment banking attorney Anthony Salz. The review was commissioned by the bank's top management at a time when the bank was found to be involved in a Libor rate rigging scandal. The review cricised the bank for what it called "a drift in standards" and a "drive to win", which pushed the customers away, increased salary bills and increased risk significantly.

Robert Diamond had resigned from his post as the CEO at Barclays after the authorities announced an investigation into the interest rigging scandal involving the firm and several others. Barclays has lost three top executives, $5 billion of market value and is facing a government inquiry in the case. The bank is now facing a fine of a record 290 million pounds in the case.

Barclays Chairman David Walker said in a statement that, "That is bound to be the case when one asks for an independent examination of this kind, and we must learn from the findings."

Antony Jenkins, the new chief executive officer of the bank has said that his first ask in his new role will be to restore stability in the organization. He affirmed that he will change the culture of the bank, which was recently found to be involved in scandals linking to rigging of interest rates and misspelling.