Barclays tells staff to behave well or get out

Tim Wallace
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STAFF at Barclays must obey a new code of conduct or leave the bank, chief executive Antony Jenkins said yesterday, in an internal memo sent to staff.

Six months on from the bank’s £290m Libor fine and several years into the payment protection insurance (PPI) scandal, Jenkins has laid down a set of five basic values, insisting all staff must meet them in all that they do.

Those are respect; integrity; service; excellent; and stewardship.

The rules will be drilled into staff in the coming weeks, ahead of a wider review that is expected to close down parts of the business which could harm the bank’s image, such as its controversial tax planning unit.

The chief – who took over after Bob Diamond quit in the wake of the Libor scandal – told staff their bonuses depend on behaving well.

And he warned any dissenters: “Barclays is not the place for you. You won’t feel comfortable at Barclays and, to be frank, we won’t feel comfortable with you as colleagues.”