Barclays Fined $15m for Uncovering Whistleblower
The New York State Department of Financial Services (DFS) has issued a $15m fine to Barclays concerning its chief executive’s (Jes Staley) attempts to uncover a whistleblower in 2016. The fine comes seven months after Staley was fined £642,430 by UK regulators for his actions.
Staley’s mis-step came to light in April 2017, when it was found that, following the Libor rigging scandal, he had attempted to identify the author of anonymous letters by using the bank’s internal security systems. The DFS concluded that Barclay’s governance and controls surrounding whistleblowing were in breach of New York state banking laws. Barclays has been instructed to report on its whistleblowing procedures annually.