Dec 19, 2018

Barclays fined $15m for whistleblowing breach

Barclays has been fined $15m by a US regulator after its chief executive Jes Staley attempted to unmask a whistleblower. The New York State Department of Financial Services found Barclays had violated local banking law and its own procedures during the handling of the matter. The matter dates back to 2016, when an anonymous person or persons sent two letters raising concerns about a former colleague Mr Staley had recruited to work at the bank, as well as the chief executive's decision to hire him. The letters questioned the executive's fitness and qualifications to work at Barclays. As part of the agreement with the DFS, Barclays said it "Agreed to undertake additional reporting and remediation undertakings in respect of its whistleblowing programme".

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