STAFF at Barclays’ bank staff have been told to sign up to an ethical code of conduct or quit, as part of a management crusade to repair its battered reputation.
In a memo sent to 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 criticism over its culture of focusing on short-term profits and bonuses, as well as its processes and controls that failed to prevent the scandal.