Barclays CEO fined $870,000 by British regulators for ‘attempts to uncover whistleblower’

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Barclays Plc Chief Executive Officer Jes Staley was fined £642,430 ($870,557) by British regulators for his attempts to uncover a whistleblower, Bloomberg reports.

The fine is around 10 percent of his annual income.

Staley“breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistle-blowing procedures,” Mark Steward, executive director of enforcement and market oversight at the Financial Conduct Authority, said in an emailed statement on Friday.

“Whistleblowers play a vital role in exposing poor practice and misconduct in the financial services sector,” he added.

The regulator indicated last month that it was stopping short of the more serious accusation of a lack of integrity, which would have cost Staley his job.

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