Barclays Ex-Security Head Asked to Leave After Expense Probe

Updated on
  • Troels Oerting, now at WEF, charged meals to bank, sources say
  • Former executive also embroiled in Staley whistle-blower probe

Troels Oerting

Photographer: Simon Dawson/Bloomberg

Troels Oerting, Barclays Plc’s former head of information security, was asked to leave the bank after he was found to have billed personal expenses to the company, according to people familiar with his departure.

When the bank began probing Chief Executive Officer Jes Staley’s attempt to unmask a whistle-blower, it discovered the unrelated matter of Oerting’s improper expenses, said the people, who asked not to be identified because the terms of his departure have not been disclosed. On one occasion, Oerting took family members out for a meal and reported it as a work-related event, the people said.

Oerting has since been named head of the World Economic Forum’s global center for cyber security, and started last week.

A spokesman for Barclays declined to comment. WEF spokesman Yann Zopf said by email that there was “no material evidence on which to comment.” Oerting didn’t respond to telephone calls and a LinkedIn message.

Oerting, the former head of the European Cybercrime Center and Denmark’s Serious Organized Crime Agency, joined Barclays in February 2015 to help the bank bolster its digital defenses. He became involved in Staley’s whistle-blowing scandal when the CEO asked him to track down the author of a letter that made accusations about one of Barclays’s senior investment bankers, Bloomberg News has reported.

Oerting then sought assistance from the U.S. Postal Inspection Service, people familiar with the matter said previously. The U.K. Financial Conduct Authority has been investigating Staley’s actions for a year and hasn’t publicly updated on a conclusion. The CEO could lose his job if regulators deem him unfit to run a financial institution. The bank has previously declined to comment pending the outcome of the FCA probe.

Oerting’s departure wasn’t linked with his attempt to track down the anonymous sender, the people said.

Barclays has hired Tim McNulty, formerly of JPMorgan Chase & Co., as Oerting’s replacement, according to a memo this month, the details of which were confirmed by a spokesman.

(Updates with comment from the World Economic Forum in fourth paragraph.)
    Before it's here, it's on the Bloomberg Terminal. LEARN MORE