Barclays CEO Jes Staley fined for trying to unmask a whistleblower

Barclays CEO Jes Staley fined for trying to unmask a whistleblower

Barclays has fined its Chief Executive Jes Staley a combined GBP1.1 million after he tried to identify a whistleblower who sent letters criticizing an employee of the bank.

The bank’s board noted that the company was satisfied with the decision of the FCA and the PRA.

Following the resolution of the FCA and PRA processes, the Barclays PLC Board has determined to reduce the awarded value of Mr Staley’s variable compensation for 2016 by GBP500,000 in respect of this matter.

John McFarlane, the Chairman of Barclays PLC, said: “The Board takes Barclays’ culture and the integrity of its controls extremely seriously. The Group’s whistleblowing processes are fundamental to ensuring that individuals feel comfortable raising concerns and are encouraged to do so. Having considered the findings of the FCA and PRA, the Board remains satisfied with its conclusions as set out in the Group’s announcement of 10 April 2017. Accordingly, the Board has now confirmed its decision of April 2017 and has made a very significant adjustment to Jes’s variable compensation on the recommendation of the Board Remuneration Committee.

The Board is pleased that the FCA and PRA’s investigations have concluded and are now behind us. The Board has reiterated its support for Jes, as have shareholders at last week’s Annual General Meeting. As a business, we remain focused on executing our strategy and delivering greater returns for shareholders.”

Jes Staley, Group Chief Executive Officer, said: “I have consistently acknowledged that my personal involvement in this matter was inappropriate, and I have apologised for mistakes which I made. I accept the conclusions of the Board, the FCA, and the PRA, following their respective investigations, and the sanctions which they have each applied.”

In respect of the FCA’s and PRA’s investigations relating to Barclays Bank PLC, each of Barclays Bank PLC and Barclays Bank UK PLC have now agreed to be subject to requirements to report to the FCA and PRA on certain aspects of their whistleblowing programmes.

Barclays continues to provide information to, and cooperate with, authorities in the US with respect to this matter.