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Barclays CEO Who Tried to Unmask a Whistleblower Will Be Fined But Keep Job

So the verdict is out - finally - and the schadenfreude has begun.   Staley will be fined by the FCA and by Barclays in due course, but he keeps his job.  Some are calling this lenient, but it is actually a reward for Barclays' considered handling of the case which they identified and self-reported to the FCA.  This ensured the damage was limited to the CEO (who had made the error) rather than communicating to the Board or the organisation as a whole.  

Jes Staley Twice Tried to Uncover a Whistleblower's Identity

Throughout, despite the most severe test possible, that of a CEO who tries to subvert the system, the original whistleblower's identity has been protected.  If Barclays can get it right even when the CEO gets it wrong they deserve praise not brickbats.  Unfortunately, the press is unlikely to be so forgiving...

Addveritas's two founding partners, Andrew Samuels and Dino Bossi were responsible for designing and implementing the successful system at Barclays which withstood efforts to penetrate it and bought the Board the time and space to make the right decision in the worst of circumstances. As a result, though the CEO has been forced to face the music, Barclays itself will not be sanctioned in any way.


Read the FT Article by their banking editor, Martin Arnold, at the link above. (You will need to be an FT subscriber to read).

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