BCS Barclays PLC

By Ian Walker

LONDON--Barclays PLC (BARC.LN) said Monday it plans to issue a formal written reprimand to Chief Executive Jes Staley and make a "significant" adjustment to Mr. Staley's variable compensation award over his handling of the bank's whistle blowing program.

Mr. Staley tried to identify the author of a letter that was written to the company's whistle blowing program in 2016. Both the U.K. Financial Conduct Authority and Prudential Regulation Authority have now started investigations into Barclays Bank and Mr. Staley over the program.

Barclays said an investigation into Mr. Staley's actions concluded, that he honestly, but mistakenly, believed that it was permissible to identify the author of the letter.

The bank said Mr. Staley continues to have the board's "unanimous confidence" and it will support his re-appointment at the annual general meeting on May 10.

Barclays said the bank is being investigated by the FCA and PRA into its systems and controls and culture relating to whistle blowing.

Barclays added that it, and Mr. Staley, will cooperate fully with the FCA and PRA investigations. It said the board is also commissioning independent reviews of Barclays relevant processes and controls, including its whistle blowing program.

The board continues to review the position of other employees involved in this matter, it said.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

April 10, 2017 02:53 ET (06:53 GMT)

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