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Tag: Barclays

Barclays boss fined £642k over whistleblower unmask attempt

Barclays boss fined £642k over whistleblower unmask attempt

Business
Barclays boss Jes Staley has been fined £642,430 by regulators over his attempt to unmask a whistleblower. An investigation by the Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) sharply criticised Mr Staley's response to the receipt of an anonymous letter by the bank in June 2016.The fine and public censure of the Barclays boss is unprecedented for a serving chief executive of a major bank.Barclays said following Friday's announcement it would cut the value of Mr Staley's 2016 bonus by £500,000 - meaning that his acknowledged mistakes over the episode have cost him more than £1.1m.The case centred on a letter, signed "John Q. Public", purportedly sent from a Barclays shareholder to the board making allegatio...
Watchdogs to fine Barclays boss over whistleblower

Watchdogs to fine Barclays boss over whistleblower

Business
UK financial regulators plan to fine Barclays chief executive Jes Staley over attempts to uncover the author of an anonymous letter.The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) opened an investigation in 2017 looking at Mr Staley's alleged attempt to unmask an employee who wrote a letter raising concerns about the recruitment of a senior employee.According to Barclays, regulators have found Mr Staley's actions represented a breach of individual conduct rules that relates to a "requirement to act with due skill, care and, diligence"."Each have proposed that he pay a financial penalty," Barclays said."The FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as Group Chief ...
Barclays to kick off search for new chairman

Barclays to kick off search for new chairman

Business
Barclays is preparing to kick off the hunt for a successor to chairman John McFarlane, paving the ‎way for the third change at the top of Britain's second-largest bank since 2012.Sky News has learnt that Crawford Gillies, Barclays' senior independent director, is expected to instruct headhunters shortly to conduct a wide s‎earch for its next chairman.Mr McFarlane is expected to step down at the bank's annual meeting next year, although the timetable remains fluid and could be extended, according to people close to the bank.Among the leading candidates to replace him will be Sir Gerry Grimstone, who has announced his intention to step down as Standard Life Aberdeen's chairman next year.Sir Gerry, who was appointed deputy chairman and senior independent director in 2016, recently relinquishe
Barclays Bank charged over Qatar loans

Barclays Bank charged over Qatar loans

Business
The Serious Fraud Office (SFO) has charged Barclays Bank PLC with "unlawful financial assistance" related to billions of pounds raised from Qatar in 2008.The same charges were bought against Barclays PLC in June last year.The move to charge Barclays Bank as well is significant because it holds the banking licence that allows it to operate in different countries.So, if Barclays was found guilty, it could lose that crucial licence.In 2008, to avoid a government bailout, Barclays took a £12bn loan from Qatar Holdings, which is owned by the state of Qatar.Under that deal Barclays loaned £2.3bn back to Qatar Holdings.The SFO alleges that loan was used either directly, or indirectly, to buy shares in Barclays, which the SFO says is "unlawful financial assistance".In response, Barclays said: "Bar
Barclays charged with fraud in Qatar case

Barclays charged with fraud in Qatar case

Business
Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis.The Serious Fraud Office case relates to the billion of pounds the bank raised from Qatari investors enabling it to avoid a government bailout.Former chief executive John Varley is one of the four ex-staff who will face Westminster magistrates on 3 July.Barclays says it is considering its position and awaiting further details."The charges arise in the context of Barclays' capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO," the bank said in a statement.It is the first time criminal charges related to the financial crisis have been brought against a bank in the UK.Mr Varley, former senior investment banker Roger Jenkins, Thomas...