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.
Buddha Air begins flights to Bharatpur and Bhairahawa from Pokhara
Buddha Air has started its direct flights to Bharatpur and Bhairahawa from Pokhara from Friday. The private airline company's first flight to Bharatpur took off at 10 Friday morning from Pokhara while another aircraft flew to Bhairahawa at 11:22 am, according to Buddha Air's Station Manager Gautam Baral.
- Pakistan products expo starts
- Both innovation and copying in Apple’s luxury iPhone
- Apple unveils $999 iPhone X
- $1,000 iPhone in the offing
The Doklam dilemma
Being a buffer state between the two giant neighbors, Nepal should conduct its foreign policy vis-à-vis China and India in a very sensitive manner. Nepal has always maintained that it would not allow its soil to be used against any neighbor. At the same time, Nepal should make sure that its own national interests are never compromised.
Gaurab Shumsher Thapa
Effect of monetary policy on risk, stability and financial crises
The crisis of 2008–09 has reignited a new interest in understanding money and credit fluctuations in the macro economy, and the crucial roles they could play in the amplification, propagation, and generation of shocks both in normal times and, even more so, in times of financial distress. This may reopen a number of fundamental fault lines in modern macroeconomic thinking between theories that treat the financial system as irrelevant, or, at least, not central to the understanding of economic outcomes, and those that reserve a central role for financial intermediation.
My Journey to Maiti Nepal
I was scared before I started volunteering, not so much because of the work I would be doing, but of the fact that I would be living alone in a new city where I wouldn’t know anyone except a handful of relatives, with everyone who I was close to on the other side of the world.
Be an example, not teacher to your kids
I don’t intend to draw comparisons, but I can’t help notice a vast difference in the way kids these days are, and I only have the parents to blame. Because let's face it, just at the quote, I mentioned above goes, kids only become what they see.
Prekshya Lamichhane Kunwar
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.