Barclays boss investigated over whistleblower case

News


10 Apr, 2017

Barclays boss investigated over whistleblower case

Chief executive of Barclays bank, Jes Staley, is being investigated by City regulators over his attempts to uncover the identity of a whistleblower.

The Bank itself made the information public whilst also disclosing to the stock market that Mr Staley's pay will be docked in a "very significant compensation adjustment". They also imposed him with and a formal written reprimand.

The investigation is being conducted by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The Barclays boss is being investigated over his failed attempts to identify a whistleblower who had raised serious allegations about a senior member of staff in a letter.

His attempt to uncover the author came to light earlier this year. However, Mr Staley was reportedly unaware that such action is not permissible and that he has explained his actions to the bank's board.

Furthermore, an investigation by external law firm Simmons and Simmons found Mr Staley "honestly, but mistakenly, believed that it was permissible to identify the author of the letter".

"However, the Board has concluded that Mr Staley made an error in becoming involved with, and not applying appropriate governance around, the matter, and in taking action to attempt to identify the author of the letter".

According to the BBC, Mr Staley told the Barclays board he had been trying to protect a colleague who had experienced personal difficulties in the past from what he believed to be an unfair attack.

Mr Staley has apologised for his error but since the author of the letter was not identified, no further action was taken.

Other News - German companies call for 'soft Brexit'