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Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016

Barclays Group CEO Jes Staley has been fined $870k (£642,430) for attempting to identify a whistleblower in 2016.  The total fine of $870k (£642,430) is imposed by 2 UK financial authorities, Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) of £321,200 and £321,230 respectively, for failing to act with due skill, care and diligence.

” Barclays CEO Jes Staley Fined $870k for Attempting to Identify Whistleblower in 2016 “

In 2016, Barclays Group CEO Jes Staley attempted to identify the author of an anonymous letter containing various allegations, including himself.  The author had claimed to be a Barclays shareholder.

Both UK authorities FCA and PRA conducted investigations and concluded that given the conflict of interest, he should distanced himself from the case, and allow Group Compliance to step in.  Apart from the fine, Barclays have also clawed back £500k of his 2016 bonus.

Jes Staley was at JP Morgan for more than 30 years and became the Chief Executive of JP Morgan investment bank in 2009.  In 2015, he became Barclays Group CEO.

Source: Barclays, Bank of England, Bloomberg, The Guardian

 


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