The blame goes firmly to the senior management of the investment bank branch, led by the dearly departed Huw Jenkins. Read the whole report here (45 pp pdf). Few punches are pulled... it's really not looking good for the bank which has now confessed itself (just to go for the headlines here) ignorant, incurious, disorganised, haphazard, overconfident, greedy and incompetent. No wonder they're now talking to Luqman Arnold about his breakup plan.