Research

United Kingdom regulators fine Barclays chief for whistleblowing failure

United Kingdom regulators fine Barclays chief for whistleblowing failure

The FCA and Prudential Regulation Authority have fined Barclays boss James Staley a total of £642,000 over his treatment of a whistleblower at the bank.

"Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays' whistleblowing procedures", said the FCA's Mark Steward.

Brad Birkenfeld, a former UBS banker whose whistleblowing led the Swiss bank to be fined $780m for USA tax fraud, told Financial News: "It is blatantly clear Jes Staley violated several contractual and legal standards in the United Kingdom and in Barclays".

The American banking executive admitted previous year that he had "made a mistake" by attempting to find out who authored an anonymous letter that raised concerns about a senior Barclays employee.

The bank's "whistleblowers' champions", who come under the SMR, will also have to attest personally each year on the soundness of Barclays' whistleblowing systems.

Staley agreed to settle at an early stage of the investigation, qualifying for a 30 percent reduction to the combined FCA and PRA fine, the regulators said.

More news: Bella Hadid & The Weeknd Definitely Kissed In Cannes - See The Reunion HERE!

The regulatory fine is the first ever such penalty for the sitting CEO of a major bank in Britain, and cast a pall over Staley's efforts to show the bank has improved its culture since the freewheeling days of before the 2007-8 financial crisis.

"Protection for whistleblowers is an essential part of keeping the financial system safe and sound", Sam Woods, the CEO of the PRA said in a statement on Friday.

However, a lot of people still feel that Mr Staley should have lost his job over the affair, as it was the first big test of the Senior Managers Regime - a new set of rules put in place following the financial crisis to ensure that executives of big financial institutions are made personally accountable for their actions in the job. "Staley's behavior fell below the standard we require, resulting in today's fine and public censure".

"The Board takes Barclays' culture and the integrity of its controls extremely seriously", said Barclays chairman John McFarlane.

The investigation by the UK FCA and PRA found Staley had a conflict of interest in relation to the letter. The board has reiterated its support for Jes, as have shareholders at last week's Annual General Meeting.


  • Man City veteran Yaya Toure: I want to stay in England

    Man City veteran Yaya Toure: I want to stay in England

    So, who will the City boss pick for his season finale? "I didn't know that but, with all respect, it looks ridiculous to me. Guardiola was referring to the rare start for the 34-year-old Ivorian, one of the finest midfielders in EPL annals.
    US Has an

    US Has an "Agreement in Principle" with China to Reduce Trade Deficit

    The U.S. and China remain far apart on trade following high-level meetings between officials of both countries last week, U.S. Xi also called on the U.S. and the Democratic People's Republic of Korea to resolve each other's concerns via dialogue.
    AI Helping Transform Google Products, Services CEO Sundar Pichai Says

    AI Helping Transform Google Products, Services CEO Sundar Pichai Says

    Users willingly tell Facebook what they want the world to know about them, but Google knows the real you. The company is placing robots in conversations with humans, without those people realising.
  • CONMED Corporation (CNMD) — Stock Survey of

    CONMED Corporation (CNMD) — Stock Survey of

    The Santa Clara, California-based company itself had provided guidance of $2.90 billion in revenue, plus or minus 2 percent. Mizuho lifted their price objective on Nvidia to $280.00 and gave the stock a "buy" rating in a research report on Friday.
    Npower latest to hike energy bills for a million users

    Npower latest to hike energy bills for a million users

    Combined with social and environmental obligations, the two factors account for more than half of a consumer's electricity bill. As such, a dual fuel direct debit customer will pay £1,230 a year on the new standard tariff.
    Number of People Infected With Ebola in DR Congo Rises to 32

    Number of People Infected With Ebola in DR Congo Rises to 32

    Some 462 million people are living in the areas affected by Ebola virus outbreaks, many of them in very remote rural areas. The last outbreak of the disease started in 2014 and touched Guinea, Sierra Leone, Liberia , Mali and Nigeria .
  • Black Panther Director Wants All-Female Wakandan Spinoff

    Black Panther Director Wants All-Female Wakandan Spinoff

    Black Panther broke numerous box-office records when it was released in the cinemas and became the highest-grossing film of 2018. Marvel Comics is already working on Wakanda Forever: The Amazing Spider-Man for this summer.
    Symantec (SYMC) Stock Rating Lowered by Barclays

    Symantec (SYMC) Stock Rating Lowered by Barclays

    Symantec Corporation on 12/30/2017 reported its EPS as $0.28 with the analysts projecting the EPS of the stock as $0.28. Symantec (NASDAQ:SYMC) last released its quarterly earnings results on Thursday, May 10th.
    At least one hurt in school shooting near Los Angeles

    At least one hurt in school shooting near Los Angeles

    The man was seen at Highland High School in Palmdale in Southern California at 7.05am local time (12.05am Saturday AEST). Palmdale, a city of about 150,000 people, is about 40 miles north of downtown L.A.in the high desert Antelope Valley.
  • Adrian Peterson 'fully healthy,' eyes 2018 roster spot — National Football League free agency

    The 28-year-old Ingram had his best season in the league last year, rushing for 1,124 yards and 12 touchdowns. However, while Kamara's yardage output may not drop from 2017 to 2018, his touchdown total likely will.
    Facebook Cryptocurrency Creation Plans May Be Here Sooner Than Realize

    Facebook Cryptocurrency Creation Plans May Be Here Sooner Than Realize

    Facebook is reportedly "very serious" about launching its own cryptocurrency , according to the latest report from Cheddar . It's important to point out that Marcus is a cryptocurrency evangelist, as evidenced by his early investments in Bitcoin.
    Google's making it easier to understand and manage user data it collects

    Google's making it easier to understand and manage user data it collects

    L-Soft's LISTSERV Version 16.5 added new features that make it much easier to locate and retrieve users' personal information. To bring the company into compliance with the GDPR , the Google privacy policy has gotten a refresh and some new data tools.