Barclay Staff New Code of Conduct or Leave

Barclay Staff New Code of Conduct or Leave.

Amid fines, mis-selling allegations, LIBOR fixing and heads rolling, Barclays has issued a new code of conduct to staff to instil a great sense or due diligence and integrity on staff rather than an eye on targets and profits.

In short, Barclays is claiming this move is a public indicator that they are moving to try and regain trust.

Chief Executive Anthony Jenkins has, in short, issued an ultimatum to staff, embrace the new culture and Code of Conduct or leave.  

Our view
Wait and see if profits fall and then Mr Jenkins has to report shareholders that there is a reduced dividend.  We will see how that pans out.

In addition, Barclays have already recruited former finance industry regulator chief, and newly Knighted (can you believe that?!) Hector Sants, to the board.  In our opinion a move to make Barclays virtually untouchable when it comes to regulation.

That said, as a PR exercise, the Code of Conduct is good.  Recruiting Hector Sants was perhaps not so and given that there is already underway as mass industry campaign to protest against the Knighthood for somebody who oversaw the collapse of the banking industry and continuing mis-selling scandals, the verdict is still out on that PR disaster.