Barclays CEO Jes Staley facing fine over whistleblower incident

Barclays’ chief executive, Jes Staley, is facing a financial penalty for an alleged breach of conduct after City watchdogs completed an investigation into the banking boss’s attempts to identify a whistleblower in 2016.

Barclays said the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are alleging that Staley’s actions were a breach of an individual conduct rule that relates to a “requirement to act with due skill, care and diligence”.

The bank stressed, however, that regulators are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue in his role as chief executive.

Barclays Bank, which was also the subject of an inquiry following Staley’s attempts to identify a whistleblower, is not facing any enforcement action by the FCA or PRA.

“However, they have proposed that each of Barclays Bank PLC and Barclays Bank UK PLC will be subject to requirements to report to the FCA and PRA on certain aspects of their whistleblowing programmes,” the lender explained.

“Barclays continues to provide information to, and co-operate with, authorities in the US with respect to this matter,” it added.

More details to follow …