Apology from Barclays CEO

Barclays chief executive Jes Staley has apologised for breaking rules designed to protect whistleblowers.

He told investors at the bank’s AGM in London he had made a mistake by attempting to identify a whistleblower.

He said: “I have apologised to the board, and I would today like to apologise to you as well, for that error.”

Mr Staley is fighting to save his reputation after it was revealed that he intervened in a dispute between his brother-in-law and US private equity giant KKR, a major Barclays client.

KKR has since reportedly blocked Barclays from winning new mandates with the group in protest at the move.

Chairman John McFarlane told investors that while the group was close to completing its overhaul, “further challenges remain”.

He said the bank still needs to resolve a “number of material historical legacy conduct issues”, as it continues to fight US authorities over allegations about its part in a mortgage bond mis-selling scandal.

It also faces the imminent conclusion of a criminal investigation by the Serious Fraud Office into the bank’s 2008 emergency fundraising.

It is understood the Financial Conduct Authority has also reopened its probe into the deal and is reviewing new evidence that could prompt it to reconsider a £50 million fine against the banking giant four years ago.

Mr McFarlane also sought to assure over the appointment of Sir Ian Cheshire as chairman of the lender’s new ring-fenced bank after concerns were raised over the number of directorships he holds, as well as his previous role at failed group Bradford & Bingley.

Barclays has since announced that Sir Ian will cut the number of boardroom roles he holds by the end of September.

First-quarter figures from Barclays at the end of last month showed group pre-tax profit more than doubled to £1.68 billion, up from £793m a year earlier.

Shareholders carried all of the AGM resolutions.

Barclays CEO Jes Staley.