A NEW RECORD: The fine is the first ever first-ever such penalty for the sitting CEO of a major UK bank in Britain. It, and cast a pall over Staley’s efforts to show the bank has improved its culture since the freewheeling days that preceded of before the financial crisis.
A NEW RECORD: The fine is the first ever first-ever such penalty for the sitting CEO of a major UK bank in Britain. It, and cast a pall over Staley’s efforts to show the bank has improved its culture since the freewheeling days that preceded of before the financial crisis.

Barclays boss fined

British regulators and Barclays have fined the bank’s CEO, Jes Staley, a combined £1.1m after he tried to identify a whistleblower who sent letters criticising an employee.

The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority said last Friday they had fined Staley £642,000. That included a 30% discount for him agreeing at an early stage to settle. Barclays imposed a £500,000 cut to his 2016 pay.

Dropbox surprise

File-sharing and storage company Dropbox beat Wall Street expectations for quarterly results last Thursday and topped estimates for paying subscribers in its first financial report as a publicly traded company. However, the company’s shares, which had gained 10% last week ahead of the earnings, slipped 4% in extended trading on the day. The company said the number of paying subscribers had surged 23.7% to 11.5m at the end of March, topping analysts’ average estimate of 11.3m, according to Thomson Reuters I/B/E/S. Dropbox started as a free service to share and store photos, music and other large files, and has worked to build up its enterprise software offering.

Reuters

Please sign in or register to comment.