Barclays Chief Stresses Ethics

LONDON�Barclays PLC's Chief Executive Antony Jenkins Thursday told staff they should uphold the company's new values or leave. The comments come seven months after a scandal over trying to rig interest rates.

In a memorandum to employees, Mr. Jenkins said bonuses will now be based in part on how employees and business units uphold five values, rather than "just on what we deliver."

"We must never again be in a position of rewarding people for making the bank money in a way which is unethical or inconsistent with our values," Mr. Jenkins said.

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Barclays' new chief executive Antony Jenkins at the bank's headquarters in east London on August 29, 2012.

Barclays is attempting to repair its reputation with regulators, investors, customers and the broader public after acknowledging in June that some staff had tried to manipulate interest rates. It paid around $450 million in regulatory fines and its chief executive, chairman and chief operating officer resigned. Mr. Jenkins became CEO in August after having run the group's global retail and business banks. He pledged to make reforms.

"Having a firm commitment throughout the business to strong values is not something I want to do for public relations or political benefit. It is simply how I will run Barclays," Mr. Jenkins told staff.

"There might be some who don't feel they can fully buy in to an approach which so squarely links performance to the upholding of our values," Mr. Jenkins said. "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."

Mr. Jenkins is to address staff to expand upon the memo later Thursday and will present the outcome of a strategic review of the bank Feb. 12, the day Barclays is to report full-year results. He has previously said every part of the bank would be reviewed by considering its contribution to both returns and reputation.

He said there are plans to train more than 1,000 staff to spread the new values across the bank in an effort to "embed them throughout our business at every level."

The values are: respect, integrity, service, excellence and stewardship.

Write to Margot Patrick at margot.patrick@dowjones.com