London — On Wednesday, Barclays CEO Jes Staley used the bank’s AGM to apologise to shareholders after bypassing rules to try and uncover a whistle-blower, further tarnishing its reputation. "I feel it is important that I acknowledge to you, our shareholders, that I made a mistake in becoming involved in an issue which I should have left the business to deal with," Staley told the meeting in London. "I have apologised to the board, and I would today like to apologise to you, as well, for that error." Last month, Barclays revealed that Staley, a US national, is being probed by regulators and will suffer a "very significant" pay cut over the incident, which comes as the bank struggles to repair a reputation battered by its role in the foreign exchange and Libor interest rate rigging scandals. Barclays revealed in April that an anonymous letter was sent to board members last year, raising concerns about a senior employee who had recently been recruited, which included issues of a person...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.