Bloomberg News

Barclays Fires 40 Staff Under ‘No-Jerk Rule’, Times Reports

December 10, 2011

Dec. 10 (Bloomberg) -- Barclays Plc has fired as many as 40 senior executives for violating a “no-jerk” rule and behaving in a way that embarrasses the company, The Times reported.

The employees were encouraged to find other jobs, the paper said, citing an interview with Chief Executive Officer Robert Diamond. Bankers who spent 44,000 pounds ($68,952) on wine at a London restaurant were the “no-jerk rule personified”, he said, according to the report.

Diamond is yet to make his recommendation to the bank’s remuneration committee regarding annual staff bonuses and the payouts are likely to fall, Diamond said, according to the paper.

--Editor: Jon Menon

To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net

To contact the editor responsible for this story: Mike Harrison in London Mharrison5@bloomberg.net.


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