LIBOR SCANDAL
Barclays boss faces watchdog probe for trying to uncover whistleblower
CE Jes Staley has received a ‘formal written reprimand’ from the leading UK bank and faces probes by finance watchdog and Prudential Regulation Authority
London — Barclays CE Jes Staley is facing a probe by regulators and a "very significant" pay cut after he tried to uncover the identity of a whistleblower, the British bank revealed on Monday. Former JP Morgan investment banker Staley was appointed two years ago to repair Barclays’ reputation, which was ravaged by foreign exchange and Libor interest rate rigging scandals. The 60-year-old American has demanded the highest ethical standards from staff at the trouble bank, which faced massive fines in recent years over the manipulation of forex trading and Libor. British regulators have now launched an investigation into Staley’s "individual conduct and senior manager responsibilities relating to Barclays whistleblowing programme", the bank announced on Monday in a statement. The probe will focus on "an attempt by Mr Staley in 2016 to identify the author of a letter that was treated by Barclays Bank PLC as a whistleblow". In addition, authorities will also examine the bank’s responsibi...
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