New York regulator fines Barclays $15 million for whistleblower program flaws
Barclays CEO Jes Staley ignored his CCO and GCNew York’s Department of Financial Services fined Barclays Bank PLC and its New York branch $15 million Tuesday because of attempts by the bank’s CEO, Jes Staley, to unmask a whistleblower “in contravention of Barclays’ established whistleblowing policies and procedures.”
The DFS said it found “shortcomings in governance, controls and corporate culture relating to Barclays’ whistleblowing function.”
Those flaws “permitted a sequence of events that potentially could have had a detrimental impact on the efficacy of Barclays’ whistleblowing program.”
In May this year, UK regulators fined Staley £642,430 (about $871,000) for trying to identify at least one anonymous whistleblower who made allegations about Staley’s role in recruiting another employee.… Continue Reading
