Chief quizzed over scan­dal

The Press and Journal (North-East) - - BUSINESS - BY BEN WOODS

The boss of Barclays has faced fresh ques­tions over the bank’s whis­te­blow­ing scan­dal, ac­cord­ing to reports.

It is also be­lieved the lender’s whistle­blow­ing chief is to step down.

Chief ex­ec­u­tive Jes Sta­ley was re­port­edly quizzed last week by both the Fi­nan­cial Con­duct Author­ity (FCA) and the Bank of Eng­land’s Pru­den­tial Reg­u­la­tion Author­ity (PRA) fol­low­ing an ini­tial in­ter­view in July over his at­tempts to root out a whistle­blower.

Jonathan Cox, the bank’s global head of whistle­blow­ing, is thought likely to leave af­ter with­draw­ing an em­ploy­ment law­suit against the lender for al­leged rule breaches.

Mr Cox, a for­mer Met­ro­pol­i­tan Po­lice de­tec­tive in­spec­tor, is un­der­stood to have with­drawn his em­ploy­ment case, slated for Septem­ber 13 at the East Lon­don Tri­bunal.

“Is­sued Mr Sta­ley with a for­mal writ­ten rep­ri­mand”

The FCA and PRA are in­ves­ti­gat­ing Mr Sta­ley’s con­duct and se­nior man­ager re­spon­si­bil­i­ties re­lat­ing to the lender’s whistle­blow­ing pro­gramme.

Anony­mous let­ters sent to the board and an ex­ec­u­tive last year raised con­cerns about a newly-re­cruited se­nior em­ployee and Mr Sta­ley’s role in the re­cruit­ment.

Hav­ing been given a copy of the first let­ter and made aware of a sec­ond, Mr Sta­ley ini­tially re­quested Barclays’ in­for­ma­tion se­cu­rity team try to iden­tify the au­thors of the let­ters as he con­sid­ered they were an “un­fair per­sonal at­tack” on the em­ployee.

Barclays has is­sued Mr Sta­ley with a for­mal writ­ten rep­ri­mand, and may make a “very sig­nif­i­cant com­pen­sa­tion ad­just­ment” to his bonus. The amount will be de­cided once the FCA and PRA in­ves­ti­ga­tions are over.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.