Barclays will be investigated by the UK’s Financial Conduct Authority and the Prudential Regulation Authority over allegations that its CEO, Jes Staley, attempted to discover the identity of a whistleblower who raised concerns about a senior executive. The FCA said Staley had been “aware of, or should have known, of an alleged breach in internal controls at Barclays” but failed to take action against those responsible. On the second occasion, the security team received assistance from a US law enforcement agency, but still failed to identify the whistleblowers. Barclays has confirmed that Staley will be formally reprimanded and will see his bonus, which was expected to be worth up to £1.9m ($2.3m) and a long-term incentive plan payment of up to £2.8m, significantly reduced. Staley, who became CEO in December 2015, has apologised to the bank’s board.
Barclays will be investigated by the UK’s Financial Conduct Authority and the Prudential Regulation Authority over allegations that its CEO, Jes Staley, attempted to discover the identity of a whistleblower who raised concerns about a senior executive. The FCA said Staley had been “aware of, or should have known, of an alleged breach in internal controls at Barclays” but failed to take action against those responsible. Barclays has confirmed that Staley will be formally reprimanded and will see his bonus, which was expected to be worth up to £1.9m ($2.3m) and a long-term incentive plan payment of up to £2.8m, significantly reduced. Staley, who became CEO in December 2015, has apologised to the bank’s board.