LONDON (Alliance News) - The following is the full letter sent by Barclays PLC Chief Executive Antony Jenkins to staff at the bank.
Dear Colleagues,
I know you will share my deep disappointment and frustration that our business is back in the news this week for the wrong reasons.
You will be aware the New York Attorney General has made allegations of misconduct in our US Equities Electronic Trading business. These are serious charges which allege a grave failure to live up to our values and to the culture in Barclays that we are working to create.
As you would expect, we are working urgently to understand the situation. We are undertaking a full internal investigation into these allegations, which will report directly to me. To assist us in that we have brought in substantial external resource to ensure that the investigation can proceed at pace and is properly objective. That is critical.
I have said before that we would face some challenges as we work to change Barclays. The real test of our commitment to our values is how we respond to those challenges when they arise. So we will move swiftly to understand the facts, continue to co-operate fully and openly with the New York authorities, and treat our colleagues with care and respect. And if there has been wrongdoing, we will address it quickly and decisively.
I have also always made it clear that cultural change will take time, but it is precisely incidents such as this which drive home the urgent necessity of the programme we have embarked on to transform the values and conduct of this business. I will not tolerate any circumstances in which our clients are lied to or misled and any instances I discover will be dealt with severely. The success of our business depends crucially on our clients being able to rely absolutely on our honesty and integrity.
I am very proud of my colleagues across Barclays and the work that you do every day. That remains the case and I know I can rely on you to continue to focus on serving our customers and clients with complete commitment while we work to resolve this issue in the right way.
Antony
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Barclays (BARC)
