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
News
peopleHowards' Way actress, and former mistress of Jeffrey Archer, was 60
Sport
Romelu Lukaku puts pen to paper
sport
News
Robyn Lawley
people
Arts and Entertainment
Unhappy days: Resistance spy turned Nobel prize winner Samuel Beckett
books
PROMOTED VIDEO
News
people
Life and Style
Troy Baker and Ashley Johnson voice the show’s heroes
gamingOnce stilted and melodramatic, Hollywood is giving acting in video games a makeover
News
i100
Life and Style
Phones will be able to monitor your health, from blood pressure to heart rate, and even book a doctor’s appointment for you
techCould our smartphones soon be diagnosing diseases via Health Kit and Google Fit?
News
people
Extras
indybest
Travel
Ryan taming: the Celtic Tiger carrier has been trying to improve its image
travelRyanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Sport
Usain Bolt confirms he will run in both the heats and the finals of the men's relay at the Commonwealth Games
commonwealth games
Life and Style
Slim pickings: Spanx premium denim collection
fashionBillionaire founder of Spanx launches range of jeans that offers 'thigh-trimming construction'
News
Sabina Altynbekova has said she wants to be famous for playing volleyball, not her looks
people
News
i100
Life and Style
tech'World's first man-made leaves' could use photosynthesis to help astronauts breathe
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

Senior Investment Accounting Change Manager

£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...

BA/PM,EMIR/Dodd-Frank,London,£450-650P/D

£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...

Senior Analyst - ALM Data - Banking - Halifax

£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...

Java developer - Banking - London - Up to £600/day

£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...

Day In a Page

Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
We will remember them: relatives still honour those who fought in the Great War

We will remember them

Relatives still honour those who fought in the Great War
Star Wars Episode VII is being shot on film - and now Kodak is launching a last-ditch bid to keep celluloid alive

Kodak's last-ditch bid to keep celluloid alive

Director J J Abrams and a few digital refuseniks shoot movies on film. Simon Usborne wonders what the fuss is about
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices
Could our smartphones soon be diagnosing diseases via Health Kit and Google Fit?

Could smartphones soon be diagnosing diseases?

Health Kit and Google Fit have been described as "the beginning of a health revolution"
Ryanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?

Can we learn to love Ryanair again?

Four recent travellers give their verdicts on the carrier's improved customer service
Billionaire founder of Spanx launches range of jeans that offers

Spanx launches range of jeans

The jeans come in two styles, multiple cuts and three washes and will go on sale in the UK in October
10 best over-ear headphones

Aural pleasure: 10 best over-ear headphones

Listen to your favourite tracks with this selection, offering everything from lambskin earmuffs to stainless steel
Commonwealth Games 2014: David Millar ready to serve up gold for his beloved Scotland in the end

Commonwealth Games

David Millar ready to serve up gold for his beloved Scotland in the end
UCI Mountain Bike World Cup 2014: Downhill all the way to the top for the Atherton siblings

UCI Mountain Bike World Cup

Downhill all the way to the top for the Atherton siblings
Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star