Tuesday, 21 August, 2018

Barclays CEO Jes Staley Fined but Keeps Job After Whistleblower Probe

Barclays Chief Executive Staley Fined Over Whistle-Blower Scandal Barclays chief to keep job despite move to unmask whistle-blower
Laurie Berry | 20 April, 2018, 13:17

LONDON, April 20 (Reuters) - Barclays said Jes Staley will be fined by British regulators for attempting to unmask a whistleblower, but will be able to keep his job as the bank's chief executive.

Two UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, have concluded their investigation into Staley's actions and have told him to pay a "financial penalty" as punishment, Barclays said in a statement on Friday. A bank spokesman said the size of the fine had yet to be determined.

Mr Staley's misconduct was the focus of last year's AGM when shareholders fired a warning shot at the banking chief, with more than 16pc of votes cast failing to back his re-election.

The FCA has the power to levy unlimited fines.

"Barclays continues to provide information to, and cooperate with, authorities in the U.S. with respect to this matter", it added. The move prompted a yearlong probe and fears the chief executive could be deemed unfit to run a bank. The former JPMorgan executive is the investment bank's strongest advocate on the board and observers believe.

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Then, early in 2017, an employee complained to the Barclays board about its whistle-blowing procedures, pointing out Mr. Staley's reaction to the anonymous letter writer the prior summer.

In accordance with the enforcement procedures of the FCA and PRA, Mr Staley now has a period during which he may review the draft warning notices and make representations to these authorities in relation to their content. New York's Department of Financial Services was also looking into Staley's behaviour. Main had previously worked with Staley at the U.S. investment bank JP Morgan.

"In my desire to protect our colleague, however, I got too personally involved in this matter ..."

"As set out in the April 2017 announcement, the Barclays board will determine what adjustment to Staley' s compensation is appropriate once the FCA and PRA processes have concluded".

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