Jes Staley, the chief govt of Barclays, will lose his annual bonus after two regulators opened an investigation into his conduct in a whistleblowing case.
He had tried to find who wrote a whistleblowing letter to the financial institution.
The Monetary Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will examine his conduct.
Barclays may also dock Mr Staley’s pay by as a lot as £1.3m, or all of his annual bonus.
He may also be issued with a proper written reprimand.
Mr Staley instructed the Barclays board he had been attempting to guard a colleague who had skilled private difficulties up to now from what he believed to be an unfair assault. He has apologised to the board.
The board has accepted his apology and stated that Mr Staley “continues to have the board’s unanimous confidence”.
His try and uncover the creator got here to gentle early this yr.
An investigation by exterior regulation agency Simmons and Simmons discovered Mr Staley “actually, however mistakenly, believed that it was permissible to establish the creator of the letter”.
Within the occasion, the creator of the letter was not recognized and no additional motion was taken.