Barclays has announced Chief Executive Jes Staley is being investigated by two U.K. regulators regarding his individual conduct after he attempted to identify a whistleblower at the bank in 2016.
The Financial Conduct Authority (FCA) and the Prudential Conduct Authority (PRA) have opened an investigation into both Staley and Barclays`s actions when pursuing the author of a letter believed to have originated from a whistleblower.
"I have apologized to the Barclays Board, and accepted its conclusion that my personal actions in this matter were errors on my part. I will also accept whatever sanction it deems appropriate," Staley said in a statement on Monday morning.
"Our whistleblowing process is one of the most important means by which we protect our culture and values at Barclays and I certainly want to ensure that all colleagues, and others who may utilize it, understand the criticality which I attach to it," he added.
The Barclays Board found Staley had "honestly, but mistakenly" sought the identity of the letter`s author without appropriate governance. The whistleblower was not identified by the Barclays boss and the board has now accepted his apology.
Staley is due to receive a written warning from the banks` board and can expect a "very significant" reduction to his variable compensation award. However, Staley is set to be reappointed at the bank`s upcoming annual general meeting next month.Barclays shares were slightly lower shortly after Monday`s open, down 0.5 percent.
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