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Jennifer Graylock/AP/Press Association Images
Barclays CEO Bob Diamond earlier this year
# Bankers
'No jerks' rule at UK bank led to 30 staff leaving, CEO says
Barclays boss Bob Diamond cited an incident in which five bankers spent £44,000 on wine at a meal to celebrate their bonuses.
THE CEO OF UK banking giant Barclays says he has imposed a “no jerks” rule on staff – meaning at least 30 people had to be asked to leave.
In an interview with The Times, Diamond said the rule applies to bankers considered to be prima donnas, too greedy, too ostentatious or failures as team players.
He said it doesn’t matter how good they are as bankers if they “can’t behave with their colleagues.”
The newspaper quoted him as saying that between 30 and 40 Barclays employees have been encouraged to find other jobs for violating the standard.
Diamond cited an infamous 2002 episode during which six Barclays bankers ran up a £44,000 alcohol tab at a London restaurant as embarrassing and “the no jerk rule personified.”
The BBC reported at the time that the bankers had bought a bottle of 1982 Montrachet for £1,400, three bottles of Chateau Petrus Pomerol 1945 for £11,600, one of the 1946 vintage for £9,400 and an even more expensive 1947 which cost £12,300.
The restaurant threw in their food – which cost £400 – for free. Five bankers were sacked over the incident at the time.
Diamond has been criticised himself for his lavish pay, earning £6.75 million last year.
- Additional reporting from AP
