BCS Barclays PLC

By Max Colchester 

LONDON -- Barclays PLC Chief Executive Jes Staley has been fined GBP642,430 ($868,501) by U.K. regulators over his efforts to unmask a whistleblower.

A yearlong investigation found Mr. Staley "made serious errors of judgment" by repeatedly asking for the identity of a whistleblower who criticized a hire he made, the regulators said Friday.

"Given his conflict Mr. Staley should have maintained an appropriate distance; he should not have taken steps to identify the author," the regulators wrote in a joint statement. The regulators concluded that Mr. Staley was fit to continue as chief executive of Barclays.

The episode, which has proved an embarrassing distraction for the American executive, shows how British regulators looked to balance the risk of destabilizing Barclays with the need to show they take protecting whistleblowers seriously. The probe was complicated by the fact that the whistleblower claimed to be a Barclays shareholder and not an employee, the Financial Conduct Authority and Prudential Regulation Authority said.

The Barclays board had already said it would dock some of Mr. Staley's pay over the debacle.

Mr. Staley agreed to settle at an early stage, earning him a discount, without which he would have been fined GBP917,800.

"I have consistently acknowledged that my personal involvement in this matter was inappropriate, and I have apologized for mistakes which I made," Mr. Staley said in a statement Friday.

Write to Max Colchester at max.colchester@wsj.com

(END) Dow Jones Newswires

May 11, 2018 07:03 ET (11:03 GMT)

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