Barclays CEO investigated for trying to unmask whistleblower
The CEO of Barclays bank is being investigated by regulators for his attempts to unmask a whistleblower who had written anonymous letters raising concerns about a senior employee.
Jes Staley had sought to identify the author of the letters but was told it was inappropriate to do so under rules protecting whistleblowers. Staley then sought again to identify the person, even using help from a U.S. law enforcement agency, but failed.
The bank said Monday that Staley had honestly, but mistakenly, believed that he had clearance to identify the whistleblower.
He now faces an official inquiry by the Financial Conduct Authority and Prudential Regulation Authority for his "individual conduct and senior manager responsibilities" related to the company's whistleblowing program.
The bank said Staley will face a written reprimand and a "very significant" adjustment in his pay. The amount will be determined once the official inquiries have concluded.
The incident involves anonymous letters written in 2016 to the board and an executive that raised questions about the recruitment of a new senior employee and Staley's role in the hiring process.
Staley at first tried to use the bank's security team to identify the author, the bank said.
Barclays says the board first learned about the problem earlier this year "as a result of a concern raised by an employee" who questioned the effectiveness of the bank's whistleblowing policy.
It said it used an independent law firm to investigate the allegations and also notified authorities of the possible wrongdoing.
The bank says Staley explained his actions to the board. The statement says the board concluded that Staley "honestly but mistakenly" believed it was permissible to identify the author of the letter.
The bank and Staley will cooperate fully with the investigations. Staley says he accepts the board's conclusion and has apologized.
Staley took over in 2015 after former CEO Antony Jenkins was pushed aside amid concerns about the performance of Barclays' investment bank. Staley began his career as a commercial banker and advanced to head J.P. Morgan's global investment bank.
ECAN education fair kicks off
The 11th ECAN Edufair has kicked off here from Thursday with an aim of making Nepali students familiarize about the education system at home and abroad. Sri Lanka's Ambassador for Nepal W.S. Perera inaugurated the fair at local Bhrikutimandap. On the occasion, she insisted on the need of further consolidating the Nepal-Sri Lanka ties through the means of education.
- Gold price stable, silver price rises
- Siraha transport management office starts distributing smart card
World Link to bring high-speed optical network for first time in Nepal
Internet service provider World Link Communication Network is strengthening its backbone within a month. The company has said that the new network to be made available by Nokia IP and Communication will be of comparatively higher quality than the current one. It informed that an agreement process has already been forwarded with Nokia to that regard.
Nepal-India Trade, Transit and Connectivity workshop organized
The Nepali Embassy in New Delhi and the IDSA jointly organized a workshop on Nepal-India Trade, Transit and Connectivity as part of the Embassy's economic diplomacy initiative at Vishakhapatnam, India, Wednesday.
Why should we save the ethos of 2015 Nepali constitution?
While Nepal should address voices that question the constitution, it should not undermine the document’s dignity and longevity if the country wants to establish a constitutional culture. No constitution can fulfill all wishes. The drafters of the present constitution should not feel guilty in not securing the consent of all citizens. If the constitution is not fundamentally discriminatory, it has chances to grow further.
One Belt One Road: Prospects & Challenges
Nepal thus has to debate, discuss, analyze and then conclude the cost and benefits of the OBOR for its populace. The benefits of OBOR for Nepali economy are easy to understand, but the short, medium and long-term consequences are not simple, and thus require careful examination.
Dreams and drains
A water-filled ditch looks quite benign until someone lands into it. It was a case of extreme apathy on the part of the perpetrators as the girl paid up with her life for their neglect.
Govt apathy toward flood control
While some opine that, relief can be an option for providing an instant solution, the majority believes that Nepal needs a permanent solution to the problem. And the solution could be construction of dams and water reservoirs, which are the best instruments for flood control.
Traffic Police in Kathmandu
As busy and hassling as the traffic system in Kathmandu is, the Traffic Police here have to handle an equally strenuous job. Over 1,400 traffic officers in and around the Kathmandu Valley battle against the pestering traffic and air pollution each day.
Menstrual taboo outdated
I have seen my sisters and friends isolated and treated in discriminatory manner during their first menstruation cycle. They were not allowed to look at the sun, to touch water source, flower, fruits, any male family member, nor even hear their voice. The activist may claim the situation has changed and I do agree but still during every month my loved ones turns into untouchables beings.