Thursday, January 17, 2013

New Bank Boss To Staff: Like It Or Lump It!

Talk about the milk of human kindness, Antony P. Jenkins, the new Barclays CEO, has told employees who are unwilling to buy into the British bank’s push to rebuild its reputation to leave the bank., Dealbook reports.

The statement comes after the bank’s involvement in a rate-rigging scandal last year, and weeks before Mr. Jenkins is to announce the results of a strategic review into the firm’s operations that is expected to focus on reducing its exposure to risky trading activity.

Mr. Jenkins, who took over as the bank’s chief executive after his predecessor, Robert E. Diamond Jr., resigned in the wake of the manipulation of the London interbank offered rate, or Libor, told staff members that anyone unable to support the bank’s plans should resign, according to an internal memo obtained by DealBook.

 “My message to those people is simple,” said Mr. Jenkins, who previously ran the consumer banking business at Barclays before taking the top job. “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.”

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