Sign up to new code of conduct or quit, Barclays' staff told

 

Barclays' staff were today told to sign up to an ethical code of conduct or quit, as part of the bank's crusade to repair its battered reputation.

In a memo sent to the bank's 140,000 employees worldwide, new chief executive Antony Jenkins said performance would be judged on a set of ethical standards in an attempt to overhaul the culture in the wake of its Libor-rigging scandal.

The banks' new code of conduct will centre on five values - respect, integrity, service, excellence and stewardship.

Mr Jenkins said: "Performance assessment will be based not just on what we deliver but on how we deliver it.

"We must never again be in a position of rewarding people for making the bank money in a way which is unethical or inconsistent with our values."

Mr Jenkins took over at the helm in August from predecessor Bob Diamond, who resigned after the bank was fined £290 million by regulators in the UK and United States for attempting to manipulate the interbank lending rate Libor.

Barclays has come under heavy fire from critics over its alleged culture of focusing on short-term profits and bonuses, as well as its processes and controls that failed to prevent the scandal.

Mr Jenkins said there was "a tendency at times, manifest in all parts of the bank, to pursue short-term profits at the expense of the values and reputation of the organisation".

"In doing so we damaged our ability to make long-term sustainable returns," he added.

He laid down an ultimatum for staff to adhere to the new values or find jobs elsewhere.

He said: "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 as colleagues."

The bank's forthcoming bonus round will come under particular scrutiny given last year's run of reputational blows, including mis-selling of payment protection insurance and interest rate swaps to small businesses.

Barclays told staff today what grades they achieved for 2012, which will have a direct bearing on how their bonuses are calculated, but the final pot will not be disclosed until its annual results next month.

Wall Street banks Goldman Sachs and JP Morgan Chase yesterday reignited the debate over bonuses as they announced sharp increases.

Goldman, which has nearly 6,000 staff in the UK and 32,400 worldwide, announced a 6% hike in its pay and bonus bill for 2012, to 12.9 billion US dollars (£8.1 billion), which equates to an average of 400,000 US dollars (£250,000) for each of its employees.

JP Morgan's staff salary and bonus costs leapt 5% to 30.6 billion dollars (£19.1 billion).

But Mr Jenkins signalled a step-change in how staff are rewarded at Barclays under his plan to make it a "values-driven" and "valuable" business.

He has already hired former Financial Services Authority boss Sir Hector Sants to the newly-created role of head of compliance and it is believed the ex-watchdog has also been tasked with helping rewrite the bank's pay strategy.

More details on the group's ethical code are expected alongside the results on February 12, while findings of an independent review being carried out by City lawyer Anthony Salz into culture and business practices at the bank are due before the bank's annual shareholder meeting in April.

PA

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Life and Style
love + sex
Arts and Entertainment
Victoria Wood, Kayvan Novak, Alexa Chung, Chris Moyles
tvReview: No soggy bottoms, but plenty of other baking disasters on The Great Comic Relief Bake Off
Sport
Ashley Young celebrates the winner for Manchester United against Newcastle
footballNewcastle 0 Man United 1: Last minute strike seals precious victory
Life and Style
Tikka Masala has been overtaken by Jalfrezi as the nation's most popular curry
food + drink
Arts and Entertainment
Seth Rogan is one of America’s most famous pot smokers
filmAmy Pascal resigned after her personal emails were leaked following a cyber-attack sparked by the actor's film The Interview
News
Benjamin Netanyahu and his cartoon bomb – the Israeli PM shows his ‘evidence’
people
ebooks
ebooksA special investigation by Andy McSmith
Arts and Entertainment
80s trailblazer: comedian Tracey Ullman
tv
News
i100
Life and Style
A statue of the Flemish geographer Gerard Kremer, Geradus Mercator (1512 - 1594) which was unveiled at the Geographical Congree at Anvers. He was the first person to use the word atlas to describe a book of maps.
techThe 16th century cartographer created the atlas
Arts and Entertainment
Stephen Tompkinson is back as DCI Banks
tvReview: Episode one of the new series played it safe, but at least this drama has a winning formula
News
i100
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Graduate Application Support Analyst

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Reach Volunteering: External Finance Trustee Needed!

Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...

Christine McCleave: FP&A Analyst

£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...

Recruitment Genius: Sales Executive - OTE £40,000

£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...

Day In a Page

War with Isis: Iraq's government fights to win back Tikrit from militants - but then what?

Baghdad fights to win back Tikrit from Isis – but then what?

Patrick Cockburn reports from Kirkuk on a conflict which sectarianism has made intractable
Living with Alzheimer's: What is it really like to be diagnosed with early-onset dementia?

What is it like to live with Alzheimer's?

Depicting early-onset Alzheimer's, the film 'Still Alice' had a profound effect on Joy Watson, who lives with the illness. She tells Kate Hilpern how she's coped with the diagnosis
The Internet of Things: Meet the British salesman who gave real-world items a virtual life

Setting in motion the Internet of Things

British salesman Kevin Ashton gave real-world items a virtual life
Election 2015: Latest polling reveals Tories and Labour on course to win the same number of seats - with the SNP holding the balance of power

Election 2015: A dead heat between Mr Bean and Dick Dastardly!

Lord Ashcroft reveals latest polling – and which character voters associate with each leader
Audiences queue up for 'true stories told live' as cult competition The Moth goes global

Cult competition The Moth goes global

The non-profit 'slam storytelling' competition was founded in 1997 by the novelist George Dawes Green and has seen Malcolm Gladwell, Salman Rushdie and Molly Ringwald all take their turn at the mic
Pakistani women come out fighting: A hard-hitting play focuses on female Muslim boxers

Pakistani women come out fighting

Hard-hitting new play 'No Guts, No Heart, No Glory' focuses on female Muslim boxers
Leonora Carrington transcended her stolid background to become an avant garde star

Surreal deal: Leonora Carrington

The artist transcended her stolid background to become an avant garde star
LGBT History Month: Pupils discuss topics from Sappho to same-sex marriage

Education: LGBT History Month

Pupils have been discussing topics from Sappho to same-sex marriage
11 best gel eyeliners

Go bold this season: 11 best gel eyeliners

Use an ink pot eyeliner to go bold on the eyes with this season's feline flicked winged liner
Cricket World Cup 2015: Tournament runs riot to make the event more hit than miss...

Cricket World Cup runs riot to make the event more hit than miss...

The tournament has reached its halfway mark and scores of 300 and amazing catches abound. One thing never changes, though – everyone loves beating England
Katarina Johnson-Thompson: Heptathlete ready to jump at first major title

Katarina Johnson-Thompson: Ready to jump at first major title

After her 2014 was ruined by injury, 21-year-old Briton is leading pentathlete going into this week’s European Indoors. Now she intends to turn form into gold
Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot