Barclays Board to Reprimand CEO Staley Over Whistleblower Action
(Bloomberg) -- Barclays Plc said its board will issue a formal written reprimand and will make a “very significant” adjustment to the variable compensation of Chief Executive Officer Jes Staley after he tried to identify a whistleblower in 2016.
An investigation by law firm Simmons & Simmons LLP concluded Staley “honestly, but mistakenly” believed that it was permissible to identify the author of a letter, Barclays said in a statement on Monday. Staley, who has apologized to the board, made an error in not applying appropriate governance and in taking action to attempt to identify the person, the bank said.
The U.K. Financial Conduct Authority and Prudential Regulation Authority have commenced investigations into Staley's conduct and Barclays's systems and controls and culture relating to whistleblowing, the company said. The author of the letter was not identified and no further action was taken, according to the London-based bank.
Staley is alleged to have tried to unmask a tipster who alerted the bank to a personal matter involving a senior executive, said a person with knowledge of the matter, who declined to be named because the probe isn't yet public. Trying to identify the complainant could violate U.S. and U.K. laws protecting whistle-blowers and the Department of Financial Services in New York is also scrutinizing the case, the person said.
To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net.
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Elisa Martinuzzi, Cindy Roberts
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