Barclays CEO Jenkins Tells Workers to Follow New Rules or LeaveHoward Mustoe
Barclays Plc Chief Executive Officer Antony Jenkins told employees he expects them to stick to his new rules on ethics or quit as he seeks to steer the bank from scandals that forced out his predecessor.
In a letter to employees today, Jenkins said senior bankers will be judged against the new values starting this summer and all staff within the next year. The letter was seen by Bloomberg and confirmed by officials at the U.K.’s second-largest bank by assets.
“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,” Jenkins, 51, wrote. “My message to those people is simple: Barclays is not the place for you.”
Jenkins, named CEO in August, will present his plan for Barclays next month, including a review of which parts of the company will be sold or shrunk as it seeks to boost profitability and overhaul its culture. London-based Barclays was fined 290 million pounds ($465 million) in June by U.S. and U.K. regulators for manipulating the London interbank offered rate, leading to the departure of former CEO Robert Diamond.
Saying that he “can’t pretend that 2013 will be an easy year,” Jenkins told his 139,000 employees the bank must think more about its customers and about longer-term success.
“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,” Jenkins said.
The letter follows one in September in which he said performance would be measured against the firm’s values as well as financial performance.
“Over a period of almost 20 years, banking became too aggressive, too focused on the short term, too disconnected from the needs of our customers and clients, and wider society,” Jenkins wrote in today’s letter. “We were not immune at Barclays from these mistakes.”
Sky News reported the memo earlier today.