Tuesday 12 December 2017

Barclay’s boss under investigation from US and UK regulator

The head of one of the UK’s biggest banks is facing investigations by regulators in London and News York, over claims he tried to identify a whistle-blower.

James Staley, the CEO of Barclay’s Bank, is currently under investigation by New York and London regulators over assertions that he tried to identify a whistle-blower who complained about a senior executive at the bank.

An attempt to identify a whistle-blower may be a violation of US and UK laws which protect whistle-blowers.

Since becoming CEO of Barclays in 2015, Staley has ignored calls to reduce the size of the bank, instead increasing business sales at the bank. In 2016 the bank recorded pre-tax profits of £3.2bn (€3.7bn)

Prior to becoming CEO of Barclays's Staley had spent more than thirty years at JPMorgan Chase & Co.

If found guilty of having violated whistle-blower laws, the bank could face penalties from regulators.

In a separate matter, Barclays has been accused of unfairly dismissing an employee who made a complaint.

Richard Boath, who was Barclays's chairperson of financial institutions, said in a U.K. lawsuit that he was interviewed by the Serious Fraud Office in 2014 as part of its probe into the bank's £7bn fundraising at the height of the global financial crisis.

Boath said he was laid-off from Barclays in 2016 as a "direct result" of the SFO giving a copy of the interview to the bank, his lawyer, Jonathan Cohen, said to an employment tribunal last year. Barclays did not comment on the matter at the time.

Boath is suing the bank over claims related to wages, unfair dismissal and whistle-blowing.

Bloomberg

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