Barclays CEO Jes Staley Fined by U.K. Regulators Over Whistleblowing Affair
May 11 2018 - 6:53AM
Dow Jones News
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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