Barclays CEO tells staff: Buy into ethics code or leave

Barclays Bank staff who do not feel they can commit to new a new code of ethics should leave, the UK bank’s new CEO has said.

Antony Jenkins (pictured) said he wanted total commitment from employees over a new set of standards he hopes will rebuild the bank’s reputation after a number of scandals.

Under the new code, bonuses and performance will be assessed against a new “purpose and values” blueprint, Jenkins said.

“I have no doubt that the overwhelming majority of you … will enthusiastically support this move,” he said in a memo on Thursday.

“But there might be some who don’t feel they can fully buy into an approach which so squarely links performance to the upholding of our values.

“My message to those people is simple: Barclays is not the place for you. The rules have changed. You won’t feel comfortable at Barclays and, to be frank, we won’t feel comfortable with you as colleagues.”

Barclays’ reputation has been harmed by scandals including attempts to rig Libor interest rates, for which it was fined £290m by the UK Financial Services Authority last year.


This article was first published on IFAonline

Close Window
View the Magazine

I also agree to receive editorial emails from InvestmentEurope
I also agree to receive event communications for InvestmentEurope
I also agree to receive other communications emails from InvestmentEurope
I agree to the terms of service *

You need to fill all required fields!