It's his way or the highway.
Barclays CEO Antony Jenkins has told employees he expects them to stick to his new rules on ethics or quit as he seeks to steer the bank from scandals that forced out his predecessor.
In a letter to employees Thursday, Jenkins said senior bankers will be judged against the new values starting this summer and all staff within the next year. The letter was seen by Bloomberg and confirmed by officials at the bank.
'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', Jenkins, 51, wrote. 'My message to those people is simple: Barclays is not the place for you'.
In the meantime, Reuters reports that while Goldman Sachs' financial performance was relatively good in a tough business environment last year, the Wall Street firm intends to do better, incoming CFO Harvey Schwartz said on Wednesday.
When asked whether Goldman's return-on-equity of 11% in 2012 was a good proxy for how the company should be expected to perform in challenging markets, Schwartz said management is not satisfied.
'It is not particularly aspirational', he said.
Finally, the new agency also reports that ClearOne Inc, a maker of audio and video conferencing products, said UBS Financial Services Inc agreed to pay it $45m after the two parties settled an auction-rate securities dispute.
However, ClearOne said an arbitration panel denied a similar claim against Morgan Stanley that sought $100m in damages.