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Barclays staff to be shown door if they shun its moral mission

New chief executive Antony Jenkins intends to put ethical standards of conduct at the heart of Barclays' business, and says staff who do not share his views can leave the bank.

 
Barclays staff to be shown door if they shun its moral mission

Barclays' new chief executive Antony Jenkins has told staff he intends to put ethical conduct standards at the heart of the business – and those who do not sign up to its new moral mission can leave.

Following a five-year period in which the banking sector has seen its public reputation slump, and 12 months in which Barclays bore the brunt of the Libor scandal, Jenkins said the sector ‘had lost its way’.

In a note issued to the business’ 140,000 staff, he argued the company needed to be ‘a values-driven business’ if it wanted to be ‘a valuable business’.

‘I have no doubt the overwhelming majority of you, no matter in which area of the business or country you work, will enthusiastically support this move,’ said Jenkins.

‘But there might be some who don't feel they can fully buy in to 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.’

Following Jenkins' statement, shares in the bank rose and at noon traded 1.16%, or 3.40p, higher on the day at 296.8p.

Jenkins (pictured) said the banking industry as a whole had become ‘too aggressive, too focused on the short term, too disconnected from the needs of our customers and clients, and wider society’ over a period of 20 years.

‘We were not immune at Barclays from these mistakes,' he added.

31 comments so far. Why not have your say?

Al

Jan 17, 2013 at 16:03

paraphrase as 'we need to lay off some people and we'd prefer not to pay redundancy or the expense to find out who you are' seen CEOs try that scam before

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Jeremy Bosk

Jan 17, 2013 at 16:09

What he means is: honest people please leave. Stinking hypocrites who are good liars: please stay.

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G L

Jan 17, 2013 at 16:22

ha ha ha Barclays gets better and better!!! does Jenkins really think anyone will believe any of that!! There is only one goal for Barclays execs, rip as much from the business as they can and then follow their predecessors out of the door.

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Graham Willows

Jan 17, 2013 at 16:32

He.ll still want his pound (454gm) of flesh . Get your heads down boys

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ALAN FERRIS

Jan 17, 2013 at 16:39

The cynicism given the record is understandable but give the guy a chance. Let him make it clear that if banking is to be recognised as a profession it must put the interest of the customer before its own bottom line.

He can make a start by dumping the Indian call centre and get back to properly trained staff in the UK. Also he can make generally available the right for all customers to conduct their business by E mail and not hide local branch telephone numbers except for a priveleged few

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Geoff Harrop

Jan 17, 2013 at 16:41

If he turns out to be a hypocrite like most folk then blame human nature. Experience has shown us the most profitable way to behave.

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Alan Tonks

Jan 17, 2013 at 16:47

What a total load of verbal diarrhoea, here we go again promising something and never acting upon it.

I see Barclays shares went up on that valueless speech, oh well I suppose it must be the crowd who will believe anything.

So the words to get the frontal lobotomy lot going are: We are a green company, we are a carbon footprint friendly company. We are an ethical company; we are a company who are as one with the community we serve. Honesty and integrity are our company’s bywords, we are a fair-trade company and the list is nauseatingly endless.

You want to look at some of the core aims of large organisations it’s quite mind boggling.

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Anthony Tinslay

Jan 17, 2013 at 17:11

All very nice to say we will now be all holy and care for customers. BUT - for years staff have been indoctrinated into putting product and profit targets above all else and little thought about customers or service. For those who are old enough to remember the old style 'Bank Manager' who used to run a single office where his customers and service to them was paramount, this will be good news but since most training centres are a thng of the past and no new Branch Managers on the horizon, how does Mr Jenkins propose to change things on the front line?

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Anthony Palmer

Jan 17, 2013 at 17:14

What a bunch of cynics!! seems like a step in the right direction to me, and good news. A return to sound values. I like the sound of it very much.

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G L

Jan 17, 2013 at 17:22

Believe the rhetoric if you will, but such naivety is not helpful

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David Chapman

Jan 17, 2013 at 17:50

Yes - Dump the Indian call centres they really aggravate - As for a moral crusade - I dont believe it - A year or two ago we had our business account with Barclays and were told that "Barclays were not making enough money out of our company" so I said "Well you are going to make even less" and we moved to Santander and cut our charges by 2/3 - That was after 30 years with Barclays !! So Barclays have a long long way to go as far as I am concerned.

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Alan via mobile

Jan 17, 2013 at 17:54

Think of the old saying: Does a leopard ever change its spots?

Obviously not and neither will banksters. How will they ever make the vast bonuses they have been used to being paid for many years without being devious and downright dishonest?

This is so much window-dressing for a historically very gullible public.

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Michael Brooks

Jan 17, 2013 at 17:57

Barclays certainly does get better and better - at least for me. No-one seriously believes all the ethical banking crap, but with the price hovering just below the £3.00 mark, the prospect of me making a more than tidy paper profit is very real. At least this isn`t as hypocritical as all the `call me Dave` supporters on this forum railing against unethical banking.

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Jeremy Bosk

Jan 17, 2013 at 18:02

Yes, The bankers after all have simply been doing their duty as good Tories.

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Alan Tonks

Jan 17, 2013 at 18:54

Oh dear Anthony Palmer are you real, I think you have been watching too much television the reality has gone to your head.

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Steve H

Jan 17, 2013 at 20:51

What terrific news - so reassuring to hear that Barclays is now an ethicall bank. Pity it wasn't like that when they robbed me, but never mind, it's alright now!

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Donald Chan

Jan 19, 2013 at 14:03

Actions speak louder than words. They have just increased some investor fees by 100% and more.

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Roger Savage

Jan 19, 2013 at 14:06

Kenneth Williams had it about right when he talked about going for a 'Barclays Bank'...

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David Chapman

Jan 19, 2013 at 16:33

I rest my case ,Barclays will screw you for every penny they can,deny responsibility if it all goes t*** up, and leave you penniless !!

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Jeremy Bosk

Jan 19, 2013 at 16:51

As a matter of forensic pathology, it would be interesting to know which fees have risen by 100% plus and the logic behjnd the rises.

Were they charging less than their competitors?

Have all their competitors raised fees in a similar way? In which case what is the competition commission doing?

Are they relying on customer inertia to rip off the mug punter?

Are the switching costs worse than the new fees?

Are they trying to lose some (unprofitable) customers?

In short, is this good news for the shareholders or just bad news for customers?

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snoekie

Jan 19, 2013 at 18:11

I doubt there will be much change, still charging account charges (by computer) on semi dormant (little activity on accounts with a solid credit balance) accounts. Ethical, yep, like a whore plying for trade!

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Ian Lewthwaite

Jan 20, 2013 at 09:40

He has stated what should happen, lets hope it is followed up by action?

otherwise he will become as believable as Govt.

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Anthony Tinslay

Jan 20, 2013 at 14:49

Snoekie - Are you being fair? If you have a solid credit balance on an ordinary current account then no account charges apply and all the attached services are free. However if you do pay charges then you presumably have some sort of package account and have therefore agreed the charges and it is up to you whether it is semi-dormant or not. You need to clarify

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Steve H

Jan 20, 2013 at 15:36

Come on Anthony Tinslay, let's not get distracted from the real point of this discussion, which is that Barclays became the Lance Armstrong of banks under the guidance of greasy Bob Diamond, who would have continued to screw anyone and everyone if he and his mates hadn't been caught out.

Barclays, it now seems, treated its customers as though they were there to be screwed, rather than Barclays provide a service, which if good, would ensure everyone's prosperity. Diamond and his cronies completely forgot that once you've screwed your customers, you really have killed the gold-laying geese.

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David Chapman

Jan 20, 2013 at 16:53

If you have a business account with Barclays - see how they screw you - even if you are in credit - if you are a retailer look how much they charge you for paying your own cash in - 85p per £100 !!!!! B***** that ! and that doesn't include the fee for putting on your account - or the monthly account maintenance fee !!

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Donald Chan

Jan 20, 2013 at 17:23

Per website

Transfer out of shares (to another broker or as a certificate) Per Crest holding

​Previous charge £15 ​New charge £30​

Marketmaster a/c £150,000 - £249,999.99 1% below Barclays Base Rate (0.5%)

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Anthony Tinslay

Jan 20, 2013 at 18:17

Steve H - I am certainly not distracted from the main issue and would not disagree with the gist of your comments if not the tone. However totally misleading or inaccurate comments as made by Snoekie just place an unfair angle on that very issue. It is all rather pointless just making such carping and wild comments - unless, of course, backed up by facts. As for Diamond, he was just the fall guy(American of course) that the establishment wanted. Now he seems to have been no different from others at 'taxpayer funded' banks

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Anthony Tinslay

Jan 20, 2013 at 18:20

Donald Chan - seems as though Barclays WERE very cheap and now not so much. TD Waterhouse want to charge me a transfer out fee of £35 to get back my own shares

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Steve H

Jan 21, 2013 at 10:22

So Bob Diamond was "just the fall guy"? Clearly he didn't do it all on his own, any more than Fred Goodwin did at RBS, but both of them ruled with a VERY firm hand and both were prepared to bask in the glory of their "successes".

I worked for organisations with unscrupulous management like this and of course the big bosses surrounded themselves with sycophants, so they could carry on getting away with their antics, unchecked.

But don't underestimate Bob Diamond's influence in all this.

However, just suppose for a moment that he didn't know what was going on - what the hell was he doing in charge and who put him there?

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Jeremy Bosk

Jan 21, 2013 at 11:48

Anyone so grotesquely overpaid as the average top banker is paid to accept responsibility for the sins of omission and commission of his underlings. I don't think they apologise convincingly enough though. Seppuku ought to do it.

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Donald Chan

Jan 21, 2013 at 16:48

http://www.telegraph.co.uk/finance/personalfinance/consumertips/jessicainvestigates/9815550/Barclays-washes-its-hands-of-widowed-90-year-old.html

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