Barclays CEO fined in UK over whistleblower scandal

Big banks are raking in monster profits
Big banks are raking in monster profits

Barclays CEO Jes Staley has survived a British investigation into his attempt to identify a whistleblower in 2016 but will have to pay a fine.

Two UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, have concluded their investigation into Staley's actions and have told him to pay a "financial penalty" as punishment, Barclays (BCS) said in a statement on Friday.

The bank did not say how much its CEO is expected to pay.

The Financial Conduct Authority will release further details and the size of the fine once it has fully concluded its work on the case.

The regulators found that Staley failed to act with "due skill, care and diligence" but did not accuse him of lacking integrity and ruled him fit to continue as CEO, the bank added.

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The American banking executive admitted last year that he had "made a mistake" by attempting to find out who authored an anonymous letter that raised concerns about a senior Barclays employee.

"I should have left the organization to handle it," Staley said in 2017, while announcing that he would not resign from his position over the incident. Barclays said then that it would cut his pay for 2017 as a result.

The bank's board and an external law firm concluded following an initial investigation that Staley had "honestly, but mistakenly believed that it was permissible to identify the author of the letter."

A Barclays spokesperson said Friday that the board will announce in the coming weeks how much of a pay cut Staley has taken.

Staley is still being investigated by US authorities over the incident. Barclays said Friday it continues to cooperate with that investigation.

-- CNN's Alanna Petroff contributed to this report

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