Staley Can Stay: Barclays' Relief at FCA Whistleblowing Verdict

The Evening Standard (London, England), April 20, 2018 | Go to article overview

Staley Can Stay: Barclays' Relief at FCA Whistleblowing Verdict


Byline: BANKING Simon English

BARCLAYS' chief executive Jes Staley is facing a multi-million-pound penalty after watchdogs found he failed to act with "due skill, care and diligence" in the handling of a whistleblowing inquiry.

Crucially, he was cleared of acting with a lack of integrity, which means he can continue at the helm with the "unanimous" backing of his board as he fends off a break-up bid by corporate raider Edward Bramson.

The activist investor, as revealed here yesterday, wants to ditch the bank's trading arm, claiming this would free up billions in capital to give to shareholders.

Barclays has yet to speak to Bramson, but is likely to fiercely oppose the idea. Staley thinks Barclays needs a strong presence in the City and on Wall Street to be a success. Bramson has told his own investors that ditching the trading arm could release around PS60 billion of capital.

That figure is being disputed by City watchers, who note the money is held against assets, the value of which would plunge if they were rapidly sold off.

Today the Financial Conduct Authority and the Prudential Regulation Authority completed their investigations into Staley's attempt to identify the author of a letter making personal allegations about one of his colleagues, a friend he had hired from JPMORGAN. …

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