Stories

Barclays CEO investigated for trying to unmask whistleblower

Kirsty Wigglesworth / AP

British authorities have launched an investigation into Barclays Bank and CEO Jes Staley for his attempts to identify the author of a whistleblower letter the board received in 2016.

Staley took over in 2015 with a pledge to overhaul the culture at Barclays, which had been rumbling through a series of public relations troubles, including its $450 million payout in 2012 over allegations it had tried manipulating the benchmark rate, Libor.

Why it matters: Timing. The UK's Serious Fraud Office is about to decide whether it will prosecute the bank and former executives for a loan it gave to Qatar.

The outcome: Staley's getting his pay docked once the investigation is over, but the Board has "unanimous confidence" in him and plans to reappoint him to his role this May.