Barclays’s Jenkins Says Bankers Must Regain ‘Moral Compass’
Source: Bloomberg
Barclays’s Jenkins Says Bankers Must Regain ‘Moral Compass’
By Howard Mustoe
June 12, 2013 1:54 PM EDT
Barclays Plc (BARC) Chief Executive Officer Antony Jenkins said bankers must regain their moral footing and serve society’s long-term interests if the industry is to undo the damage caused by the financial crisis.
Bankers were too focused on the short-term, too self-serving and too aggressive in their actions in the years leading up to the global credit crunch, Jenkins said today at a debate hosted by London’s St. Paul’s Institute, a church group that seeks to engage banks with moral questions.
“The financial crisis exposed the destruction that can be caused if we have capitalism without a moral compass -– lacking the control which can make it a force for good,” Jenkins said in prepared remarks at the 17th-century St. Paul’s Cathedral. “And the behavior of banks, of course, was at the center of this lightning storm.”
Jenkins, 51, who took over as CEO in August, is seeking to revive profit at the lender and avoid repeating the regulatory missteps that led to the resignation of his predecessor, Robert Diamond. Jenkins said in February he will cut 3,700 jobs and target a return on equity, a measure of profitability, that exceeds the lender’s 11.5 percent cost of capital.
Read more: http://www.bloomberg.com/news/2013-06-12/barclays-s-jenkins-says-bankers-must-regain-moral-compass-.html
= new reply since forum marked as read
...why would they want to? They weren't damaged. Since they purchased the US political system, they've got nothing to worry about. A little bad publicity, maybe, but that's nothing high powered PR firms, wingnut think tanks and Fox News can't fix. Free market capitalism with a moral compass? Isn't that an oxymoron? In reality, the banksters were and are simply taking capitalism to its logical end. Enormous wealth for the fortunate few... 
for the rest of us.
in the same place Christopher Walken's character in PULP FICTION hid his wristwatch! 
