Apr 10, 2017

Barclays chief Staley censured for bid to identify whistleblower

Barclays chief executive Jes Staley, who has publicly pushed for the highest ethical standards at his bank, is facing major sanctions from UK regulators and a "Very significant" pay cut for trying to uncover the identity of an internal whistleblower. An external investigation commissioned by Barclays' board has already concluded Mr Staley acted "Honestly but mistakenly" in trying to identify the whistleblower last year, and the board has vowed to cut his multimillion pound annual pay package. The allegations stem from an attempt by Mr Staley to protect a Barclay's colleague who was subject to what he deemed an "Unfair attack" by the whistleblower, who sent an anonymous letter to the board last year raising concerns about a recently-recruited "Senior employee" and Mr Staley's involvement in their recruitment. Barclays said it first became aware of an attempt by Mr Staley to identify the author of a whistleblower letter early this year, after an employee raised concerns partly over the adequacy of its whistleblowing procedures. Mr McFarlane stressed that Mr Staley "Continues to have the Board's unanimous confidence" given "The circumstances of this matter and his otherwise exemplary record since joining Barclays, including contributing significantly to improvements in Barclays culture and controls".

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