Antony Jenkins: Barclays needs to discover its purpose Purpose defines what an organisation will do, won't do, and how they will do it. Mr Jenkins made the remarks during a panel session at the One Young World summit. Other speakers at the four-day event aimed at "the leaders of tomorrow" included Jack Dorsey, co-founder of Twitter. Mr Jenkins told the gathered guests that he will this week spend time looking at what Barclays" core values are. I am in the process of crafting a purpose for the Barclays group and defining a balanced scorecard for the institution. What that's really about is setting goals, targets, metrics for each of our stakeholders. He is expected to announce the results of this process in February when he sets out his wider strategy for making Barclays what he terms the "go to" bank. Mr Jenkins went on to say that businesses which operate in an ethical way will be more successful in the long-term: "There's a fundamental difference in my view between short-term profits and shareholder value." The remarks come just two months into Mr Jenkins" tenure as chief executive. Mr Diamond left the bank in July, alongside chief operating officer Jerry del Missier and chairman Marcus Agius, after it was fined £290m over the Libor scandal. When asked via email by The Sunday Telegraph after the Pittsburgh session whether he thought that the bank had acted unethically in the past, he admitted: "I believe that Barclays is an inherently ethical organisation, but it is clear that we have got some things wrong in the past and need to make changes." Asked if he will issue a code of ethics, similar to that launched by Goldman Sachs in the wake of the Fabrice Tourre securities fraud saga, he added: "We are currently in the process of defining a core set of values in order to create a culture that will deliver for all of our stakeholders."