Probe lands bank chief in hot water

BARCLAYS has reprimanded chief executive Jes Staley and will cut his bonus for attempting to uncover a whistleblower’s identity, the British bank said yesterday, dealing a blow to a man who has been in the role a little longer than 15 months.

In a statement, the bank disclosed that British authorities were also investigating American Staley’s attempts to identify the author of a letter that revealed concerns of a personal nature about an unnamed senior employee.

The attempt by Staley, which a legal investigation ordered by the bank found involved a US law enforcement agency, was at odds with the company’s own policy.

Barclays grants whistleblowers anonymity to prevent any retribution for their actions.

“I have apologised to the Barclays board and accepted its conclusion that my personal actions in this matter were errors on my part,” former JPMorgan banker Staley, 60, said.

The board, which said it accepted Staley’s explanation that he was trying to protect a colleague from what he believed to be an unfair attack, will back his reappointment at the annual shareholder meeting on May 10.

Nonetheless, the investigation by the Financial Conduct Authority and the Prudential Regulation Authority casts a cloud over the bank.

“I am personally very disappointed and apologetic that this situation has occurred, particularly as we strive to operate to the highest ethical standards,” Barclays chairman John McFarlane said.

The investigation could take months to conclude, a source said.