Barclays CEO fined £642,000 by UK regulators

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Barclays CEO fined £642,000 by UK regulators
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Jes Staley, Group CEO at Barclays (LON:BARC) has been fined a combined £642,000 by the FCA and PRA for attempting to identify an anonymous whistle-blower in 2016. Two letters had been sent to the Bank’s board raising concerns about a senior colleague and Mr Staley was judged to have acted in breach of regulations in his handling of the matter.

The bank will also be subject to special reporting requirements with both regulators on issues relating to whistleblowing in the future. Investigations by the US authorities are still ongoing. The bank said that it continued to support Mr. Staley in his role, but cut the variable portion of his annual compensation by £500,000.

Shares in Barclays fell in early trading, but recovered by the early afternoon.

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