Page 88 - Bank Case Studies

and the board gave him a formal reprimand and promised

to cut the £1.3m bonus he earned in 2016 by a “very

significant” amount.

“Others who had parts in the episode are no longer at the

bank. Jonathan Cox, the bank’s head of whistleblowing in

2016, has left and withdrew an employment tribunal claim

amid a confidential settlement with Barclays. Troels Oerting,
a former Europol official who headed Barclays’ security at

the time, is now at the World Economic Forum.” (3)

The FCA and PRA decision was the

first public move the regulators

made under their tough new

regime aimed at cleaning up the

City of London by holding senior managers to account for

failings on their stewardship.

A statement from Barclays said the FCA and PRA "are not

alleging he acted with a lack of integrity or that he lacks

fitness and propriety to continue to perform his role as

group chief executive officer". (4)

Staley faced three financial penalties:

one from the Financial Conduct Authority, (fine)

one from the Prudential Regulation Authority and (fine)

one from his own board. (reprimand)