Barclays Plc CEO Jes Staley is facing a "very significant" pay cut and a regulatory investigation after he attempted to identify a whistleblower in 2016.
The bank received an anonymous letter in June 2016 raising concerns about a senior executive recruited earlier that year. Staley tried to identify the author of the letter, which was treated by Barclays Bank as a whistleblow, Barclays said,
The Financial Conduct Authority and the Prudential Regulation Authority are looking into Staley's senior management responsibilities relating to the bank's whistleblowing program. Barclays Bank Plc is also under investigation.
Barclays commissioned an investigation by law firm Simmons & Simmons, which found that Staley "honestly, but mistakenly" believed it was permissible to identify the author of the letter.
The board "accepted [Staley's] explanation that he was trying to protect a colleague who had experienced personal difficulties in the past from what he believed to be an unfair attack, and has accepted his apology." However, it also issued a formal written reprimand to the CEO, and said a "very significant" adjustment to his pay will be made.
The board said it will support Staley's reappointment during the bank's annual general meeting May 10.
Meanwhile, the New York State Department of Financial Services is also investigating the incident, a "person familiar with the matter" told Bloomberg News.