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- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
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- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
- Wildfire Rages Near Los Angeles
- Former Company Insider Has $4.1Mn Payday as a Whistleblower
- Audit Firm, Anton & Chia, Conducted Fraudulent Audits of Penny Stock Companies - SEC
- Mueller Subpoenas Deutsche Bank Records on Trump and Family
- Bitcoin Nearly Halfway to $400Bn Value Predicted by Winklevoss Twins 4 Years Ago
- Fidelity Clients Suffer Second Website Glitch in Week
- CBOE Beats CME to Bitcoin Futures Launch with December 10 Start
- McKinsey Senior Exec Thomas Barkin Named New Head of Federal Reserve Bank of Richmond
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NEWSLETTERS & ALERTS
Barclays CEO Reprimanded for Trying to Unmask Whistleblower
[Photo: Bloomberg News]
Barclays CEO Jes Staley has gotten himself in some very hot water, by trying to identify a bank whistleblower in a case that is under investigation by British and New York State authorities. In his explanation to the bank’s board, Mr. Staley said he was trying to protect a colleague from what he believed to be an unfair attack
The bank board, which first learned about Mr. Staley’s actions in early January, conducted an internal investigation into the matter. Based on the results of that investigation, and upon Mr. Staley’s explanation that he was trying to protect a colleague from what he believed to be an unfair attack, the board concluded that Staley’s actions ran contrary to the bank’s whistleblower protection policies and that he should be reprimanded by having his bonus heavily cut. The board, however, will continue to support Staley’s reappointment as CEO at the bank’s annual shareholders meeting in May.
The issue was made public Monday morning when the bank issued a statement disclosing that British authorities were investigating Mr. Staley’s attempts to find out who wrote a letter that revealed “concerns of a personal nature” about an unnamed senior executive. Since then we’ve learned that New York’s Department of Financial Services (NYSDFS) is also investigating the matter. For his part, Mr. Staley issued a public apology on Monday to the bank’s staff
“I have apologized to the Barclays board, and accepted its conclusion that my personal actions in this matter were errors on my part,” said Staley, a former JPMorgan banker who became Barclays CEO just 15 months ago.
GOVERNMENT INVESTIGATIONS. The government probes are expected to several months and their outcomes could determine whether Barclays Bank and Jes Staley face any disciplinary action. These latest probes are ill-timed, in that the bank is still dealing with investigations into employees’ manipulation of the Libor benchmark interest rates.