Barclays boss Jes Staley fined for whistleblower scandal
Barclays boss Jes Staley will pay a fine after an investigation into his attempts to identify a whistleblower, but has escaped further sanctions.
Shares in the bank inched up 0.6 per cent in early trading as investors showed signs of relief that the investigation had concluded.
The group announced this morning that the FCA and PRA hace concluded their investigations into his actions and have clarified that they “are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as group chief executive officer”.
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However, they said his actions were a breach of a rule requiring executives to act with due skill, care and diligence. Each body has proposed that he pay a financial penalty.
Staley has been issued with draft warning notices, and now has a chance to respond to the authorities.
The Barclays board affirmed that it continues to have confidence in Staley and recommends his re-election at the annual general meeting in less than two weeks.
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