The new boss of Barclays Bank has told his workforce that they must sign up to a new set of banking values – or quit.
In a memo to 140,000 employees, Antony Jenkins – who took the company reins as chief executive in August 2012 – said that banking had “lost its way” and become “too aggressive.”
The memo laid out plans to tie bonuses to ethical behaviour and indicated that performance would be assessed against a new ‘purpose and values’ framework.
“I have no doubt that the overwhelming majority of you … will enthusiastically support this move,” Jenkins said in the memo. “But there might be some who don’t feel they can fully buy into an approach which so squarely links performance to the upholding of our values.