Mergers and acquisitions are the front line strategic option for organizations attempting to have competitive advantage over its competitors. Organizations word-wide spend billions of dollars in pursuit of this strategy. However, the success rate is less then estimable. This is mainly due to the clashes of corporate cultures. The objectives of this theoretical report are to evaluate the challenges and issues occurred in Barclays PLC and Lehman Brothers Inc merger and the analysis to cope up with these organizational behavior problems.
The success of any merger or acquisition is as much about people and culture as it is about the financials. The reality is that business performance is driven largely by an organization's people - their skills, innovative ideas and ability to stay engaged during difficult transition periods. To enhance chances of success, companies need to focus on those people-related issues that are often overshadowed in the scramble to manage M&A deals. Research also shows that the earlier the HR function gets involved in the deal, the better the prospects for successful integration throughout the new organization.
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Table of Contents
Since June 2008, Lehman Brothers Holding Inc.-a parent company of Lehman Brothers Inc. or "Lehman"-had raised the capital of $4 billion in common equity and $2 billion in convertible stock to safeguard itself from any possible hard-hitting waves that could come after serious precipitation of the most recent global financial crisis.  Nevertheless, the extra amount of bad debt of approximately $11.4 billion of mortgage and asset-backed securities and $5.3 billion in US subprime residential mortgage-related assets that piled up in Lehman's balance sheet caused the firm to file for Chapter 11 bankruptcy protection in New York on September 15, 2008, in order to seek the best possible deal from an interested buyer.  Under Chapter 11, Lehman was able to operate and make business decisions normally but within the bankruptcy court's discretion; thus, Lehman could still seek the best possible buyer.  Even though a negotiation between Barclays and Lehman did not succeed in the first attempt; the deal was struck swiftly by Barclays' few days later.  Thus, the merger between Barclays Capital and Lehman Brothers Inc. has marked a worthwhile acquisition on the Barclays side-approximately $1.75 billion.  Barclays has given great importance to financial matters and the expected outcomes, but the real challenge in the integration was to handle management issues efficiently. This report examines various issues and challenges related to Organizational Behavior (i.e. cultural issues, motivational issues, conflicts and resistant to change etc) after the integration.
Barclays PLC - Company Snapshot
Barclays Capital offers financial services in the areas of managing foreign exchange, interest rate, equity and commodity risks. There are three core areas of activities that Barclays Capital specializes in-rates for fixed income, foreign exchange, commodities, emerging markets, money markets, prime services and equity products; credit including loans and investment grade and high-yield bonds; and private equity that involves opportunities to buy privately transacted equities of private companies around the globe. The South African subsidiary, Absa, handles the investment banking tasks in addition to those of Barclays.
Barclays has achieved great success all around the world in the business of offering financial services in last many years. It operates its business in different parts of the world through its subsidiary Barclays Bank PLC. Barclays is a British company and has over 1800 street branches in UK only. The company has ranked as 25th largest business entity in the world in 2008. It has secured fourth position as the largest financial service provider around the globe. They found an opportunity to expand their American operations, so they decided to expand their US investment banking business in September 2008.
Lehman Brother Inc - Company Snapshot
Always on Time
Marked to Standard
Lehman operated as a global investment bank that served corporations, governments and municipalities, institutional clients, and wealthy individuals. Lehman engaged fully in the sales of equity and fixed income, research, investment banking services and management, and advisory services. Lehman structured transactions for clients, performed investment and advisory services tailored to clients' needs, acted as a market maker in the global marketplace, originated loans to clients in the securitization or principals market, and underwrote for clients. Lehman operated in three business segments-capital markets (institutional clients), investment banking, and investment management.  Before the company went bankrupt, the existing product lines were, for instance, U.S., Europe, and Asian equities, government and municipal securities, foreign exchanges, convertibles and preferred stocks, bank loans, various types of options, derivatives, Exchange Trade Funds, and opportunities to invest in private companies.
Part - 1
Issues and Challenges
Barclay's group faced several organizational behavior issues at the time of merging the Lehman Brothers US business operations with their existing business operations in US. The issues involved in acquisition can be divided into two phases' pre-acquisition issues and post-acquisition issues. Barclay's management tried hard to cope with the challenges but there was lack of systematic planned approach. The management didn`t prepare a detail acquisition plan to handle the transformation successfully.
Integration of Entities
The first challenge faced by Barclay's management was to make the integration process smooth and successful. Barclays decided to complete the process quickly because they did not want to lose business in terms of client transformation to other investment banks available in the market. They had short time period to formulate a detail plan in order to stream line the integration process. There was considerable lack of pre-acquisition assessment of culture and organizational differences, which reduced the pace of integration process during acquisition. The role of leaders at both organizations was critical in the start of the integration process. The management styles adopted by Barclays were not so effective for the transformation phase. The key integration issue resulted to prolong the other related issues as well. The role of organization culture is very crucial at the time of acquisition as many factors like management styles, practices, and value systems are determined by culture.
"Organisational cultural differences and people integration issues consistently top the list of significant challenges in conducting successful transactions. Failure to accurately assess and effectively manage these issues in the dynamic context of a deal results in lost time, missed synergies and diminished value from a transaction," said Peter Baynham, UK Head of M&A Consulting.
Cultural clashes between the two merging companies have been one of the most common explanations. Most of the researchers put this blame for the lack of success on cultural differences between the companies and the difficulties in these differences create in merger and acquisitions company integration (Buono et al. 1985; Datta and Puia 1995; Veiga et al. 2000).
Barclays has different set of beliefs, norms, value systems, and general practices as compare to Lehman Brothers has in its culture. The Lehman Brother staff exposure to new set of beliefs during the acquisition took them in psychological state called Cultural Shock. These cultural differences caused clashes between Barclays existing and new added staff. Due to stress among employees, a number of large staff did not join the Barclays and move to some other competitors' investment banking companies. Those employees who joined Barclays also have some serious concerns related to acquisition process. A huge communication gap was present there at different staff levels due to which positive messages about acquisition were not communicated properly and effectively. The change in culture produced the feel of hostility among Lehman employees and they felt discomfort which affected their commitment level and cooperative roles with other employees. There was also a concern related to self identity among employees existing at Barclays. Barclay's old employees have some superiority complex as they belonged to acquiring firm. There was actually developing the concept of "us" versus "them" between the employees of Lehman Brother and Barclay's staff, which highlighted their differences and social clashes at new integrated organization. So, Lehman Brothers staff's motivation level was affected badly during the process of acquisition of Lehman Brothers by Barclays.
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The uncertainty factor during the merger process of Lehman Brothers with Barclays shifted the focus of Lehman staff form productive work to different job concerns. They have some serious concerns like change in position in new firm, working in new departments, formulation of new teams, career path direction and most important job security. They also have fear of downsizing in their minds as duplication of many departments in new integrated business entity can lead to termination decision of some employees. Many of them have left the company before integration process starts and the remaining were also searching alternative paths to be secure. Due to change in organization their job profiles, designations, and working teams have been changed. So, the failure of Lehman Brothers bank and integration with Barclay's staff at new organization created large uncertainty in their thoughts. The performance of the new employees was affected with the underway political processes by existing employees in different departments to sustain the importance among employees. The turnover rate of Lehman staff was very high as compare to Barclay's management expectations, which created further problems for them.
Integration of both the businesses to build a strong business entity, cultural differences among the staff, and affected motivation level of Lehman Brother staff were the major challenges faced by the Barclays PLC leadership at the time of acquisition process. Theses issues were more serious and complex in nature as were expected by the Barclays management earlier. The lack of pre-assessment plan of these entire possible situations caused undesired circumstances for acquisition process. Barclay's management realized these issues and started to develop an effective plan to control the situation later on.
The successful merger of two organizations is heavily depended on the minimization of difference and encouragement of communication related to changes in new integrated organization. For example, for company A that is going to be merge in company B, it would be important for company A to be open in adopting cultural values, and acquisition team should properly communicate the changes with positive aspects,. The company B should also inform to its staff to be cooperative with new added staff of company A. It will lead the both companies to a successful integration process.
A real time example of Cisco successful acquisition strategy that shows how they use their systematic approach and management expertise to control all emerging challenges at the time of acquisition process is presented below.
Lack of Trust
Not only is lack of communication a serious issue for merging organizations, the deliberate withholding of information from employees on the part of the senior executives who are dealing with the merger is also a major problem, and contributes to confusion, uncertainty and loss of trust and loyalty on the part of employees. Several authors argue that, as organizations move from functional forms to network forms, organizational performance becomes increasingly dependent on trustful relations between organizational members. A high level of trust with in a network form is seen as a functional equivalent of building and maintaining control in functional forms (Miles and Snow, 1994).
Micro Level Issues
Mergers and acquisitions have become more often associated with lowered morale, job dissatisfaction, unproductive behaviour, increased turnover and absenteeism, rather than with increased financial performance as expected. An estimate by Davy et al. (1988), blames "employee problems" as being responsible for one-third to one-half of all merger failures. Therefore, the underlying causes of employee resistance need to be studied carefully because their understanding has the potential of improving merger planning and outcomes. As negative employee reactions are believed to account partially at least for unsuccessful M&As, the interesting question to answer is why mergers and acquisitions trigger negative reactions in employees. We identify two sources: first mergers are a source of profound change for the organization, and change, in any shape or form is likely to be a source of stress for the employees as it places special demands on them. As it is well recognized, excessive stress increases job dissatisfaction and this, in turn, is associated with a number of dysfunctional outcomes including increased turnover, and absenteeism and reduced job performance. Secondly, the main source of stress in the merger/acquisition process is the uncertainty surrounding organizational and personnel changes that follow them. It is often these uncertainties, rather than the actual changes themselves that are more stressful to employees.
Communication Gap and Uncertainty
Any failure to communicate leaves employees uncertain about their future and will lead them to seek other means to reduce this uncertainty, such as reliance on rumors and other means of informal communication which are not an effective means of reducing anxiety since they tend to focus on negative, and often inaccurate information (Rosnow, 1988). Buono and Bowditch (1989) mention that, during mergers and acquisitions activity, "rumor mills and the grapevine work overtime, leading to more anxiety and, in many cases, counterproductive behaviors. Often based on fears rather than reality, these rumours can significantly exacerbate employee anxiety, tension and stress". This anxiety and uncertainty are usually leading to dysfunctional outcomes. Ashford, Lee and Bobko (1989) found empirically that the greater the number of changes in an organization, the grater the perceived job insecurity by the employees and in turn, this perceived job insecurity is negatively related to organizational commitment, trust in organization, job satisfaction and ultimately, job performance.
Usually, any failure to communicate either before or during a merger leaves employees uncertain about their future and this uncertainty is known to be more stressful than the changes themselves. Communication can help employee to manage the merger syndrome because it informs them of the changes in their environment, thus reduces uncertainty and ambiguity. If not dealt with, the uncertainty and anxiety can lead to such dysfunctional outcomes as stress, job dissatisfaction, low trust in the organization and commitment to it, and increased intentions to leave the organization. These dysfunctions can, in turn, diminish productivity and increase turnover and absenteeism.
Cisco Acquisition Strategy
Cisco acquisition strategies are the excellent examples of how plan play critical roles in the successful transformation of companies. Initially, Cisco has faced some failures in mergers and acquisitions deals. After that they formulated a three stage process to acquire firms successfully. This process involved 1) assessment of all possible benefits from acquisition, 2) analyzing how both organizations fit together, 3) the cultural similarities and differences of the both firms and how new employees can match it at Cisco during integration process. In evaluation stage, they decided whether there are benefits in the long-run or not, work culture at both entities and geographical proximity etc. Cisco has risk taking and adventurous culture and they believe that flexibility help to increase creativity among staff, if these factors are lacking in culture of the targeted firm, Cisco will never be convinced about the deal of acquisition. They are never involved in forced acquisition process and they give enough importance to convince the various stakeholders at targeted company about the future plan and benefits of the integrated organization. Cisco tries to minimize the turnover rate in the targeted firm during acquisition process and make sure job security is guaranteed to employees of the acquired firm. They announced an acquisition team of Cisco, team evaluates the management styles, working polices of the targeted firm, the efficiency level of employees in different departments, available technology systems, and process relationship style of the staff during work. After careful analysis and approval of the acquisition from acquisition team, a detailed integration strategy is devised. They designed a top level integration team that visits the targeted organization many times and disseminate precise information regarding Cisco polices, future responsibilities of the individuals and roles of the staff of acquired company at Cisco. In integration process, they offered 30 days orientation training to employees of targeted firm to fit them into new organizational culture. A comprehensive planned strategy of communication and integration has shown high success rate in mergers and acquisition processes for Cisco. They always go with planned process to make an acquisition deal more successful.
Part - 2
Analysis of the Challenged Situations
A willingness to involve HR at an early stage is certainly a common factor in what successful companies are doing that the majority are not. So many transaction teams are driven by financial, tax, legal and operational considerations, with the 'people stuff' seen as an afterthought. My firm's regular research shows that, year after year, companies spend no more than 10% of their due-diligence time on HR-related matters compared with close to 50% on financial and legal matters. While experience suggests that a large proportion of human resource professionals have the tactical issues (for example, the terms and conditions of employment and broader employee policies, and the human resources management systems) well under control, it remains the case that the less tangible, more complex human capital issues like culture, management capability, leadership and workforce engagement are much more poorly managed. Ironically, these are the very areas where the 'opportunity' to destroy value is the highest.
The current situation at new integrated organization required a careful analysis and the findings that can be used to overcome the raised challenges. Each situation has some possible solution which may reduce the negative impact of that challenge. The critical analysis and findings related to each challenge is presented below:
A continued Integration Process
The role of leadership at Barclays and commitment level of the Lehman Brother staff cab be the vital factors in the continued process of integration at integrated Barclay's organization. The successful completion of an integration plan is based on above two factors. The leadership should play interpersonal role, which would build trust among Lehman staff and will help to reduced existing uncertainty at different staff levels. Their information role will create positive impact on the emotions of the staff and will make them mentally strong to cope with organizational changes (Cope Theory). The stress relief from their mind will determine that how they can approach integration process positively. The leadership should give more importance to employee's relational issues. The proper power distribution among existing Barclays and new employees from Lehman can increase the speed of acquisition process. Hence a comprehensive analysis of the employee's relation model should also be done.
All the actions in the light of organizational behavior theories can lead to build positive relationship among employees and can increase Lehman staff commitment to new integrated organization. It will support to minimize the communication gap between Barclays PLC leadership and Lehman Brother senior managers. The senior managers at Lehman Brothers can play critical role to make the integration process successful.
Empowerment - Eliminating Cultural Barriers
Both the organizations have strong value systems that were difficult to change quickly. It resulted to create clashes between the staff of both organizations at the new integrated organization. Another important barrier was the difference in the organizational structures of the both entities. There should be developed a mechanism to bring the staff of both organizations at equal power levels as different organizational structures have different designation systems. Barclay's leadership will have to encourage open system culture in new integrated organization, which would lead the staff of both organizations to understand, respect and adopt each other norms, set of beliefs, and values. Whenever a merger or acquisition takes place, there are always conflicts and challenges to cope with the changes. Therefore, it is important to manage the conflicts that raised or were started to get place in Lehman staff minds during transformation phase. In order to tackle with the conflicts in the integration process, Barclays can use power balancing approach and maximum resources allocation approach to create friendly environment for new staff. The clearly defined job roles, responsibilities, giving proper opportunities, recognizing good performers and providing meaningful rewards can also help to control conflicts among employees. The leadership will have to support common beliefs, and common practices instead of individual thoughts and practices. Their cooperative behavior with Lehman Brother senior managers and staff should enable them to accept cultural changes quickly.
Mixing the cultures: HP acquires Compaq
Two hallmarks of HP's absorption of Compaq were a strong focus on business issues and an equally strong focus on providing an interactive forum for employees using the Web. Interestingly, the extended proxy fight that delayed closing the deal may have helped integration by allowing time for product roadmaps to be completed before the integration began. Thus an end-state was clearly in view when large numbers of employees started to work toward it. The integration effort began with a two-day leadership kick-off. Expectations and rules of engagement were set firmly from the top down. Short deadlines were established to achieve clearly defined synergy targets. This forced collaboration in the interest of achieving desired goals. An employee portal was used to drive extensive communication and interaction, including feedback. On Day One alone, that portal received 50,000 hits from employees.
Boosting Motivation Level
Lehman Brother staff motivation level has been affected deeply, which resulted to lead many Lehman staff members to the decision to leave the new integrated organization. There was a strong need to increase the commitment level of Lehman staff at Barclay's organization. The trust level of Lehman staff on Barclay's leadership and managers will determine their commitment level with the new organization. The decision of Lehman Brothers merger with Barclays PLC has left deep impact on the Lehman employees in terms of survivor guilt and stress in working conditions. They have psychological and social concerns like job insecurity. This merger gave them mental stress, depression and affected their work performance. Barclay's leadership should use clearly defined communication strategy, it will play an important role in eliminating staff fears and will stable their working and thinking behaviors in the new organization. They should involve Lehman Brother senior managers in the communication strategy to work it well. They can involve those employees as well, who are trusted more by the Lehman staff. They should arrange staff meetings in small groups to discuss their concerns, fears; it will also help to reduce the stress levels of Lehman staff. This technique will help Barclays because sometime employees are reluctant to come out and discuss their concerns, it will become easier for the employees to come out and share their concerns in group meetings.
The continuous integration process also required such an effective communication strategy to keep staff motivated and committed with the organization. Barclays should communicate the messages to the Lehman staff that they are the part of the new organization and their concerns will be resolved on preference basis. They should provide precise information to the Lehman staff about their future plans. They should communicate enough messages that can answers the queries and worries of the Lehman staff. The communication process through trusted senior managers at Lehman Brothers will help to achieve desired outcomes very quickly. They should involve Barclay's staff to improve the motivation level of Lehman staff; it will lead to cooperative culture. Barclay's staff cooperative behavior will enhance the Lehman staff organizational commitment to Barclays.
The example of GE Capital acquisition strategy demonstrates that how step-by-step approach can make acquisition process fast and effective in difficult circumstances.
The only way for management to deal with the anxiety that follows a merger or acquisition announcement is to communicate with employees as soon as possible about all the anticipated effects of the change.
GE Acquisition Strategy
The GE capital has developed a successful approach "Pathfinder" for the purpose of acquisitions and mergers with other organizations. They have disintegrated the process of merger and acquisition into four parts which are further break down into small parts. They use their best practices in these four stages to get best optimum outcomes in an acquisition process. They follow a systematic approach to make the deal successful. The first stage is pre-acquisition phase which involves detail negotiations with stakeholders and plans for successful closing of deals. In this phase, strengths and weaknesses of related business leaders are evaluated, cultural difference are identified, and most importantly communication strategies are devised. The selection of integration manager is also made at this initial phase. The second stage is to build foundations to make the integration process smooth. A comprehensive plan is prepared at this phase. A combine team of senior managers from GE capital and acquiring entity is formulated. They devise at least 100 days communication plan in which roles of senior managers and executives are clearly defined and their full involvement in the integration process is make sure. The required resources are provided and accountability mechanisms are formulated. The third stage is the integration of the both organization according to plans. In this stage devised plans and strategies are implemented and required corrective measures are taken on the continuous basis. The practices like assignment of roles to the employees and assessment of work flow in integrated organization etc are done during integration phase. They make sure that they are getting continuous feedback and taking corrective actions according to situations and requirements. In last stage integration efforts are reevaluated and this process called assimilation phase. Long-term adjustments are planned and a permanent team is assigned to improve the integration process. The organization also starts reaping the benefits of the integration in this phase. GE uses this model dynamically means they always improve this acquisition process through detail discussions between groups that share their integration experiences, suggest effective tools, and help to refine the best practices.
Dilemmas Facing Barclays Stakeholders
The acquisition process of Lehman Brothers by Barclays PLC Group resulted in many conflicts in the minds of all related stakeholders. Each entity was trying to secure its objectives related with this transaction. The possible dilemmas faced by different stakeholders are presented below.
New Organization Management
The leadership of new organization has to play the most important role in this current situation. They were trapped with the options to conduct a detail pre-acquisition assessment of HR issues, cultural values, staff concerns or to settle these issues after post-acquisition assessment. They decided to acquire Lehman Brothers with quick acquisition strategy, which always has its limitations. A number of challenges emerged in front of them after the start of integration process. Now, they are determining the best comprehensive plan to handle the situation.
It is always difficult for employees to accept new employees at same levels in their organization. Barclay's staff has superiority complex, while they were working with acquired firm staff. They will have to be cooperative with new staff, if they get instructions from leadership. Organizational cultural difference also increases their levels of discomfort with the addition of Lehman staff. They will take time to accept the new thoughts, ideas, and suggestion from new staff. Barclay's management will have to play its role for making them supportive with the new staff.
Lehman Brother staff was the most affected one with this transformation decision. They have a series of concerns in their minds due to which many of them have left the new merged organization. There were many conflicts in their thoughts like job insecurity at new organization, new job responsibilities, career path, and change in their designation. The organizational change plan was not communicated properly by senior management at Lehman Brothers. So, employee's motivation level has decreased. Their organizational commitment has been affected and most importantly, they were not finding job satisfaction at new working environment.
Lehman Brothers Clients
The decision to file for bankruptcy by Lehman Brother management has generated bad impact over their existing clients. Their clients have lost the trust in this investment banking group and feel risky to continue business with them. Many of them switched their accounts to some other competitors companies. They have concerns related to change in terms and conditions, revision in investment policies, and changes in expected services level from new integrated management. They wanted to be proactive to secure their investment at the time of Lehman Brothers integration with Barclays. Lehman Brothers investment banking division has lost its trust in the eyes of old clients. Their competitors realized the situation and cashed the opportunity by offering attractive services to catch Lehman corporate clients. The change in organization behavior also supports to think them about their decisions regarding their investment in new integrated entity.
Here is an example of Hindustan Lever Limited, which has faced staff management dilemma during the acquisition process, is presented below:
Hindustan Lever Limited Staff Dilemma
Hindustan Lever Limited acquired TOMCO in India few years ago. TOMCO were offering better terms and services to its employees as compare to Hindustan Lever Limited offered to its employees. The HLL employees have very serious concern that if TOMCO employees work on their original terms and conditions, there will become two classes of employees in the same organization. Since both the set of staff was working for the same organization, HLL employees were feeling a case of discrimination against them.
Barclay's decision to acquire Lehman Brothers banking investment business involved different complex challenges for the Barclays leadership. The major issues were the departure of Lehman Brothers staff to other competitors companies, lack of coordination among the existing employees, communication gaps at different levels. These issues lead to high level of uncertainty that Lehman staff was facing during integration process, organizational cultural difference increased discomfort level, Lehman staff motivation level and organizational commitment also affected badly.
The HR department at Barclays has to play important role in order to minimize the impact of these challenges. They should train senior managers and trusted people of Lehman Brothers, who can better explain the organizational changes to the staff. The technical training should be offer to Lehman staff, so that they will adjust more easily in new working environment and they feel more comfortable. Barclays can offer family assistance programs to new staff to gain their trust and it will improve their motivation level and increase job security sense. They can introduce stress reduction programs for Lehman staff as well. They should arrange the meeting between the counter parts of the organization; it will provide chance to employees to come out and to talk about their concern openly. Barclay's management should start orientation training program for Lehman staff, it will give them a lot to understand and accept new working conditions and organizational culture. The assigned roles and desired expectation from employees should be clearly defined, there should not be any conflict or confusion in employees minds regarding their job roles. Barclays should formulate a post-acquisition team, who can minimize the uncertainty levels existed in employees' behavior. Another important factor on which Barclays need to is to establish anonymous feedback helpline for employees. They should encourage and say welcome to those, who would like to come out and share their ideas, suggestions, and concerns with the higher authorities.
These actions will support Barclay's management in the integration of Lehman Brothers staff and encourage a smoother transformation of the Lehman staff into the Barclays organization. These actions will also support to build a learning environment as employees learn from each other and their knowledge level increased from working with new teams. The recommended actions will help to lower the stress among the employees as well as improve the integration process and communication layers across the organization. The support from Barclay's staff can help a lot in integration process as Lehman staff will consider they are the part of new integrated organization and increase their organizational commitment level.
An organizational behavior is strictly related with the organization culture, working practices, individual behaviors, group behavior, and business surrounding environment. Barclays should take into account each factor before taking any decision related to integration process. They should categorize their plans into different phases and further divide these phases into sub-categories to implement these plans at small levels. The post-merger management team should identify strengths and weaknesses of senior managers at Lehman. They can involve these senior managers into devise a comprehensive communication strategy as these managers understand the nature of Lehman staff very well. They should involve trusted people from all levels to communicate the messages to Lehman staff effectively. They should make sure the maximum availability of resources to new staff and need to take accountability measures accordingly. The feedback system will help to understand employees concerns and necessary actions to reduce the impact of these concerns. A satisfied workforce at Barclays will perform their task with full organizational commitment. These corrective measures will help Barclays PLC to come on successful integration track.