May 9, 2017
Barclays chief fights to save his reputation
Mr Staley is now fighting to save his reputation after UK and US regulators opened investigations into his attempts to uncover the identity of a whistleblower. Mr Staley said last month: "I made a mistake. I was trying to protect a vulnerable colleague. But I should have let the organisation handle it." The Barclays board - led by chairman John McFarlane - issued Mr Staley with a formal reprimand and said it would dock his pay by a "Very significant" amount to be determined once the regulators conclude their investigation. A second top 20 investor in Barclays said its decision to not call for Mr Staley to be fired was partly down to the fact that the bank had already had five CEOs in seven years and Mr Staley's departure risked causing too much disruption. The shareholder also pointed out that Mr Staley had recruited a lot of senior executives to Barclays - many from his former employer JPMorgan - including the head of risk, chief operating officer and head of corporate and investment banking. ISS, a proxy adviser to many large shareholders, has advised investors not to vote in favour of Mr Staley's re-election to the Barclays board, which is expected to lead to a sizeable level of abstentions.
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