One of Mr. Walker's top priorities will be reforming the bank's image. He was known recently for his "Walker review" on bank governance, commissioned by the U.K. government in the wake of the financial crisis. In the report, Mr. Walker called for increased time commitments and financial-industry experience from nonexecutive directors. He has also called for banks to rein in fat pay packages, and is expected to examine compensation practices at Barclays. That could potentially mean the generous sums that were doled out to Mr. Diamond and other senior bankers there will be history. [WSJ]
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]