Barclays boss in hot water
Barclays has announced that both the bank and its CEO, Jes Staley, are under investigation in relation to a whistleblowing case in which the Barclays boss tried to uncover the identity of the whistleblower.
Jes Staley has apologised and will be docked some of his annual pay as a result.
Barclays shares dipped early this morning but are currently trading in positive territory despite the news.
Laith Khalaf, Senior Analyst, Hargreaves Lansdown:
"Incidents like this do nothing to convince the public that banking misdemeanours are in the rear-view mirror, and this is undoubtedly an embarrassment, not to mention a distraction, for Barclays and its CEO.
Barclays has actually been doing quite well under Jes Staley’s leadership, so this error is a blemish in what was starting to look like a promising tenure. Shareholders will be doubly disappointed that the bank is once again in trouble with regulators, and that the man at the top of the organisation is responsible for it.
The Barclays share price hasn’t reacted much to news of this investigation, which is probably a sad reflection that the market thinks the potential costs of this infringement are small beer in the context of the litigation and conduct costs racked up by the bank in recent years."