BCS Barclays PLC

By Adam Clark 
 

Barclays PLC (BARC.LN) Chief Executive Jes Staley has been fined 642,430 pounds ($870,613) by British regulators over his attempt to uncover an anonymous whistleblower.

The Financial Conduct Authority and the Bank of England jointly fined Mr. Staley after finding he "failed to act with due skill, care and diligence" in response to an anonymous letter in June 2016.

"Protection for whistleblowers is an essential part of keeping the financial system safe and sound. Mr Staley's behaviour fell below the standard we require, resulting in today's fine and public censure," said Sam Woods, chief executive of the Prudential Regulation Authority of the Bank of England.

The regulators said Mr. Staley's fine was discounted 30% due to his agreement to settle early. Barclays is also required to deliver annual reports detailing how it handles whistleblowing, with the measures in place until 2020.

Barclays said in April that Mr. Staley would stay on as CEO after British regulators concluded the attempt to unmask a whistleblower didn't represent a "lack of integrity" or render him unfit to lead the bank. Barclays has also said it will dock some of the CEO's 2016 pay over the incident.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

May 11, 2018 06:38 ET (10:38 GMT)

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