View the article online at http://citywire.co.uk/wealth-manager/article/a651711
Barclays staff to be shown door if they shun its moral mission
by David Campbell on Jan 17, 2013 at 12:19
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.
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