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Barclays CEO Fined About $870,000 on Whistle-Blower Incident

  • Last month, FCA and PRA decided not to remove him from post
  • Staley ‘breached standard of care,’ FCA’s Steward says
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Bloomberg’s Stephen Morris reports on Staley’s fine.Source: Bloomberg
Updated on

Barclays Plc Chief Executive Officer Jes Staley was fined 642,430 pounds ($870,557) by British regulators for his attempts to uncover a whistle-blower.

“Mr. Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistle-blowing procedures,” Mark Steward, executive director of enforcement and market oversight at the Financial Conduct Authority, said in an emailed statement Friday. “Whistle-blowers play a vital role in exposing poor practice and misconduct in the financial services sector.”