Barclays has been through the mill over the last year, especially as far as its reputation is concerned. But now the new chief exec has warned that his new ‘Purposes and Values’ rulebook is obligatory, and anyone who doesn’t like it should ship out.
In a memo to the bank’s 140,000 employees, he said: ‘I have no doubt that the overwhelming majority of you…will enthusiastically support this move. But there might be some who don’t feel they can fully buy in to an approach that 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.’
In the aftermath of Libor and all the other scandals that have plagued Barclays recently, we can see why he feels the need to make such a firm statement of intent. But the risk is that it ends playing much better with the public than with the staff at whom it is actually aimed...
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