May 13, 2018

Barclays CEO Jes Staley fined £640,000 over whistleblowing scandal

Jes Staley, Barclays' chief executive, has been fined a total of £642,430 by the UK's financial regulators for trying to uncover the identity of an anonymous whistleblower. The bank already revealed last month that Mr Staley would not be banned by the regulators over the affair. Its conclusion means that Mr Staley becomes the first CEO of a major financial institution to be fined and keep his job. The investigations turn on events in summer 2016, when Mr Staley tried to find out who had written allegations to the board accusing him of covering up the personal problems of a friend, Tim Main, when they worked together at JPMorgan Chase​, and again when his former colleague was hired by Barclays. "Mr Staley breached the standard of care required and expected of a Chief Executive in a way that risked undermining confidence in Barclays' whistleblowing procedures," said Mark Steward, the FCA's head of enforcement.

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