Barclays wants all its employees to learn that they never, ever should try to rig Libor again. To that end, the top executive at Barclays' investment bank is appearing in a film about the lessons the bank has supposedly learned from the Libor scandal. And all Barclays employees are expected to watch the video. The video runs about 12 minutes. It begins with Rich Ricci, the chief of Barclays’ investment banking arm, explaining that because the topic of Libor is so complex, he is going to read from a teleprompter, according to a person who has seen the film. Ricci states that he wants to make sure he gets it right “in the interests of transparency,” the person said...An employee explained that Ricci plans to meet with British regulators next month and wants to be able to claim that “every single person at the firm has seen it.” [NetNet]
Bonus Watch '12: Barclays Employees To Get Paid (Or Not) For Being 'Good Citizens'
Breaking the speed limit in a school zone, for example, will cost you a couple mill, while volunteering with your local Boy Scouts chapter to help the troops earn their "Libor Manipulation" badges will translate to a few extra zeros on payday. Barclays' new chief executive said he will pay employees based in part on whether they are good citizens, as the British bank tries to restore its tarnished reputation. Within the next six to 12 months, Barclays will devise a "balance scorecard" with metrics that measure performance across a range of areas, including how the actions of executives affect the environment, Antony Jenkins said in a brief interview on Sunday at the Clinton Global Initiative...Jenkins, who previously ran Barclays' business and retail banking division, said he managed the unit with a scorecard that rated employees on how their actions affected all stakeholders, including investors, customers, other employees and "society." The scorecard includes a "citizenship" component, according to a bank spokesman. Barclays New Chief Ties Compensation To Societal Goals [Reuters]