Barclays chief tells of 'no jerks' rule for bankers

10th December 2011, Comments 0 comments

The chief executive of Barclays bank described in an interview published Saturday how he has introduced a "no jerks rule" to weed out bankers he considers too greedy or ostentatious.

Bob Diamond told The Times newspaper he had kicked out between 30 and 40 staff who broke the rule in an effort to foster a more socially responsible culture at the British bank he has run since January.

"If someone cant behave with their colleagues and cant be part of the culture, it doesnt matter how good they are at what they do, they have to be asked to leave," he said.

He admitted that an episode in 2002, when six Barclays bankers reportedly spent £44,000 ($69,000, 52,000 euros) at a London restaurant while out celebrating their huge bonuses, was "embarrassing".

"It was taking advantage -- we have a responsibility to our colleagues and to have acted that way in a public place was inexcusable," he said.

Despite receiving his own hefty pay package, Diamond said his tastes were less expensive, claiming to use budget airline easyJet rather than a private jet and to prefer chain pizza restaurants to Michelin-starred establishments.

© 2011 AFP

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