Barclays pay will be based on good behaviour

Tim Wallace
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NEW CHIEF executive Antony Jenkins yesterday told staff that every individual in the bank would be assessed to ensure they are keeping up with the cultural reforms that he is pushing through.

The move is part of a wide-ranging push to repair Barclays’ damaged image after the Libor-rigging scandal. The reforms will include the introduction of a new code of conduct in the Spring, which will be written by top lawyer Anthony Salz who is conducting a cultural review of practices at the bank.

“How we do business, our impact as a company, and adherence to our values, will be considered as important as financial targets when assessing performance,” Jenkins wrote in the letter to staff.

“Every business unit, and every individual, will have a balanced scorecard derived from the group’s, and against which they are measured. Compensation will be based on the balanced scorecard,” he explained.