For Critics, FCA Fails Test by Giving Barclays CEO Staley a Pass
- Staley faces financial penalties of as much as $2.8 million
- FCA had authority to ban Staley from financial industry
Barclays CEO Staley to Stay in Job After Regulatory Probe
This article is for subscribers only.
The U.K. banking regulator’s decision to allow Barclays Plc Chief Executive Officer Jes Staley to hold onto his job at the flagship lender gives an early indication that the Financial Conduct Authority may tread cautiously when enforcing new rules for top executives.
The FCA decided to fine Staley after investigating his two attempts to identify a whistle-blower within Barclays, the bank said Friday, removing fears that the regulator could impose more serious measures. Staley is likely to face penalties between 1 million pounds ($1.4 million) and 2 million pounds, a combination of regulator fines and a bonus clawback from the bank, according to a person familiar with the matter.