Barclays boss Jes Staley fined by City watchdogs over whistleblowing scandal

Barclays

LONDON, April 20 (Reuters) - Barclays said Jes Staley will be fined by British regulators for attempting to unmask a whistleblower, but will be able to keep his job as the bank's chief executive.

A statement from the bank this morning said the Staley's actions were investigated for breaking Individual Conduct Rule 2, the requirement to act with due skill care and diligence. The size of the penalty has not been disclosed.

"Barclays management continues to have unanimous confidence in Staley and continues to recommend his re-election as a director at the Barclays annual general meeting on May 1", Barclays said a statement.

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The bank itself has been let off the hook following a separate investigation, though it will now be required to report to the watchdogs on "certain aspects" of its whistleblowing policies.

News of the FCA and PRA fines follows a more than year-long probe in Britain that had led to speculation among some investors and bank insiders that Staley could have been forced to step down if deemed unfit to continue by those authorities.

The FCA has the power to levy unlimited fines.

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While Barclays said it would determine what adjustments should be made to Staley's pay once the case includes, it indicated it continued have faith in its boss.

In accordance with the enforcement procedures of the FCA and PRA, Mr Staley now has a period during which he may review the draft warning notices and make representations to these authorities in relation to their content.

Its support was based on views that the company and chief executive were co-operating with authorities and that the bank had strengthened its whistleblowing programme.

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Mr Staley, a former JPMorgan Chase executive, bet his reputation on boosting returns at the securities unit, which has always been Barclays's worst-performing division. Main had previously worked with Staley at the United States investment bank JP Morgan.

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