Barclays Senior Compliance Officer to Leave Bank After Dispute

By Max Colchester 

The senior compliance official responsible for Barclays PLC's whistleblower program, Jonathan Cox, is set to depart after settling an employment dispute with the bank, according to a person familiar with the matter.

Mr. Cox's dispute was scheduled to be heard earlier this week at a London tribunal, but it was withdrawn. The bank wouldn't disclose what the dispute concerned or whether it was linked to the continuing investigation into Chief Executive Jes Staley's attempts to unmask a whistleblower. Mr. Cox couldn't be immediately reached for comment.

Mr. Staley is under investigation by U.K. and U.S. regulators after he tried to reveal the identity of a whistleblower who criticized his hiring of a longtime associate for a top job. The U.K.'s Prudential Regulation Authority and Financial Conduct Authority are probing both Mr. Staley and the bank over its treatment of whistleblowers.

Mr. Staley already has apologized for his actions and the board has said it will dock some of his pay. Barclays officials expect the regulators to announce their findings next month, but the timing remains in flux.

Mr. Cox joined Barclays in 2013 from the U.K.'s Metropolitan Police, where he managed a witness-protection unit. He was later promoted to the role of global head of whistleblowing. Reuters first reported the news of his departure.

The regulators' treatment of Mr. Staley is being closely watched as a litmus test for future punishments under the U.K.'s new "fit and proper" regime for senior bank managers.

Write to Max Colchester at [e-mail]

(END) Dow Jones Newswires

September 15, 2017 11:17 ET (15:17 GMT)

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