Barclays boss Staley faces fine for whistleblowing scandal

British regulators to fine Barclays CEO, monitor whistleblowing programme

Barclays PLC Chief Executive Jes Staley will keep his job after British regulators concluded his attempts to unmask a whistleblower didn't represent a "lack of integrity" and instead chose to slap the USA executive with a fine.

Crucially, for the board at least, the regulator has not ruled that he breached the "fit and proper" test or that he lacked integrity.

Mr Staley's misconduct was the focus of last year's AGM when shareholders fired a warning shot at the banking chief, with more than 16pc of votes cast failing to back his re-election.

If Staley accepts the findings of the regulators, it would be the first time that a sitting chief executive of a major bank in Britain has been fined by its regulators.

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.

In a joint statement the FCA and PRA said they had recently issued confidential draft warning notices setting out their reasons for proposing enforcement actions.

Staley is still being investigated by USA authorities over the incident.

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Barclays said it will recommend Staley's re-election as a director at its board meeting on May 1.

Its support was based on views that the company and chief executive were cooperating with authorities and that the bank had strengthened its whistleblowing programme.

Staley twice attempted to use Barclays' internal security team to track down the author of two anonymous letters sent to the board and a senior executive at the bank in June 2016. New York's Department of Financial Services was also looking into Staley's behaviour.

Jes Staley is not the only Barclays employee who has been reprieved.

Staley's removal would have led to fears that the underperforming investment bank would face further deep cuts.

"As set out in the April 2017 announcement, the Barclays board will determine what adjustment to Staley' s compensation is appropriate once the FCA and PRA processes have concluded".

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