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Analysis - Industry

Barclays' ethics code: cultural revolution or PR spin?

Mortgage Solutions | 23 Jan 2013 | 12:45

Mortgage Solutions

Last week, Barclays chief executive Antony Jenkins told the bank’s employees that they needed to commit to a new set of standards – or quit.

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It was a strong message and, given the FSA's latest revelations about UK banks' sales incentives, which lead to misselling, well-timed.

Barclays said it plans to train key staff in these values later this year and measure staff on those values in future performance assessments. Is this a commendable bid to overturn a toxic culture? And will it work, or are ethics codes just another PR patch on what has oft been coined a 'broken banking culture?'

For this week’s Market Watch, our commentators are:

Barclays chief executive Antony Jenkins, who acknowledged the bank had become disconnected from customers in a frank letter to staff

Corporate communications consultant Stuart Bruce, who says simply introducing an ethics code is unlikely to change bank culture

Social Market Foundation senior economist Nida Broughton, who says simpler products, rather than ethics codes, is the key to restoring trust in Barclays

Categories: Industry
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