Barclays staff told to sign code of conduct or quit

New chief executive plans to overhaul Barclays’ culture – Published on Which.co.uk, January 17, 2013.

Staff at Barclays bank have been told they must sign an ethical code of conduct. Which? has been calling for banks to put customers first in our Big Change campaign by insisting bankers comply with a fully independent code of conduct backed by statute. 

The challenge was distributed to the bank’s 140,000 employees via a memo from its new chief executive, Antony Jenkins.

Following a string of scandals that have damaged Barclays’ reputation in recent years, Antony Jenkins is taking steps to improve culture within the organisation.

Banking code of conduct:

Barclays staff were told via the memo they’d have to conduct themselves according to five key values: respect, integrity, excellence, service and stewardship.

Which? executive director, Richard Lloyd, said: ‘It is good to see some banks now starting to take steps that will prioritise service over sales but much more needs to be done if we are to restore trust in banking. We want all bankers to meet high professional standards and comply with a fully independent code of conduct backed by statute, with genuine sanctions for malpractice.’

Service before sales: … //

… Which? calls for Big Change:

With consumer confidence in banks hitting an all-time low, we want to see Big Change in banking. Our demands are:

1. Bankers should put customers first, not sales
2. Bankers must meet professional standards and comply with a code of conduct
3. Bankers must be punished for mis-selling and bad practice.

If you’ve had enough of the banks’ bad behaviour, pledge your support for our campaign.

Richard Lloyd said: ‘Consumers have been let down by the banks for too long. 2013 must be the year that we finally see big changes in banking, with banks that work for customers, not bankers.’
(full text).

More on this:

Links:

Snakes and Ladders: Investment Banking on the Brink, on Spiegel Onlilne International, by Martin Hesse, Thomas Schulz, Christoph Scheuermann and Anne Seith, January 18, 2013: For decades, investment bankers have held the key to untold riches – but now they’re being laid off by the tens of thousands. As the crisis forces the industry to search for a new identity, is it ready to mend its ways? …

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