Barclays: U.K. Regulators Propose to Fine CEO Staley in Whistleblower Case

   By Adria Calatayud 
 

Barclays PLC (BARC.LN) said Friday that British regulators have proposed fining its Chief Executive Jes Staley, after an investigation over his attempt to identify a whistleblower.

The U.K.'s Financial Conduct Authority and Prudential Regulation Authority have concluded their investigation into Mr. Staley and each have proposed that he pay a financial penalty, Barclays said. The amount of the proposed fine wasn't disclosed.

In draft warning notices proposing enforcement actions, the regulators didn't allege that Mr. Staley acted with a lack of integrity or that he lacks fitness to continue to perform his role, the U.K. bank said. Barclays said its board continues to have unanimous confidence in Mr. Staley.

The FCA and PRA won't take enforcement action against Barclays Bank PLC, but the bank will be required to report to the regulators on certain aspects of their whistleblowing programs, Barclays said.

Mr. Staley now has a period to review the draft warning notices and make representations to the regulators, Barclays said.

The U.K. regulators' investigation was focused on attempts by Mr. Staley last year to identify a whistleblower who sent anonymous letters criticizing an executive he hired.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

April 20, 2018 02:55 ET (06:55 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.