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Boss of Barclays Faces ‘Conduct Breach’ Fine

Jes Staley, Barclays boss, is facing fines by UK regulators The Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).

Both regulators began their ‘probe’ into the conduct of Mr Staley a year ago, regarding the breaching of rules as he attempted to identify a whistleblower at the bank.

Barclays stated that there is no suggesting that the accused acted with “a lack of integrity,” and Mr Staley has been given time to appeal, after apologising for his conduct.

Barclays confirmed in a statement that the FCA and PRA “ are not alleging he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his job role as group Chief Executive Officer.”

They added that management at the bank continues to hold “unanimous confidence in Staley and continues to recommend his re-election as a Director at the Barclays annual growth meeting on May 1.”

It is understood that Mr Staley will be charged a financial penalty from the bank itself, which will be further decided on after the regulators’ process is finalised.

Mr Staley has accepted the criticism made and the need for regulator involvement, and now just wants to get back on with the job of taking Barclays back to the role of ‘last serious European investment bank.’

The issue in question goes back to June 2016 when an anonymous letter was received by the Barclays board which raised concerns around a senior employee of the bank, and of Mr Staley’s knowledge of these issues from previous employment.

Concerns were also raised questioning the ‘appropriateness’ of the recruitment process which was followed by Barclays earlier in 2016.

Barclays internal investigators were asked by Mr Staley to try and identify whom the letters were sent from, as they were regarded as an ‘unfair personal attack’ on the senior employee.

It is not clear how much Mr Staley is facing paying yet, however, it is expected that he will receive a fine from each regulator, as well as one from his own board within the Bank.

BBC News. ‘Barclays Boss Jes Staley Faces Penalty for ‘Conduct Breach.’ BBC News Online.