Barclays chief tells staff to behave ethically or quit
Following its Libor scandal, new chief executive urges bank employees to follow code of conduct
Barclays chief executive Antony Jenkins has ordered employees to sign up to a new ethical code of conduct or quit, as he seeks to draw a line under last year's damaging Libor manipulation crisis.
"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," he wrote in an internal memo issued to the banking group's 140,000 staff.
He added: "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."
Barclays slumped into crisis last June when it was fined £290 million (HK$3.6 billion) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.
The Libor system was found to be open to abuse, with traders lying about borrowing costs to boost trading positions or make their bank seem more secure.
