Barclays boss Staley to lose £1.1m after trying to find whistleblower

BARCLAYS chief Jes Staley has been fined £642,000 by City regulators for attempting to unmask a whistleblower two years ago.

He was also docked £500,000 in bonuses by Barclays, taking the total hit to his pay to just over £1.1m.

Mr Staley was first informed he was being fined last month.

He was cleared of the more serious charge of acting with “a lack of integrity”, which could have seen him stripped of the right to lead the bank, a decision that prompted criticism of the regulators amid claims that it could discourage whistleblowers in future.

Nicky Morgan, the chairman of the Commons Treasury select committee, said yesterday that MPS would grill the FCA on whether the fines were appropriate at its next evidence session. “As the FCA states, a CEO should set an example to the firm’s employees. Clearly Mr Staley has failed in this regard,” she said.

In a joint statement, the FCA and Prudential Regulation Authority also announced Barclays would be subject to stricter oversight of its whistleblowing systems and controls after identifying a number of “concerns” in these areas.

These tighter controls will remain in place until the end of 2020.