Barclays share price: CEO whistleblower verdict delayed again

FCA decision to come early next year

Barclays share price: CEO whistleblower verdict delayed again

UK regulators investigating Barclays’ (LON:BARC) chief executive officer Jes Staley’s attempts to uncover a whistleblower have pushed back their decision a second time, Bloomberg has revealed. The probe is now expected to be concluded early next year rather than this month.

Barclays’ share price has been subdued in London this morning, having given up 0.43 percent to 193.42p as of 08:31 GMT. The stock is underperforming the broader UK market, with the blue-chip FTSE 100 index having climbed into positive territory and currently standing 0.43 percent higher at 7,370.51 points.

FCA probe delayed again

A person with knowledge of the matter told Bloomberg yesterday that the investigators at the Financial Conduct Authority (FCA) were taking longer to conclude the probe into Barclays CEO’s attempts to uncover a whistleblower. The watchdog had originally indicated it was targeting an October verdict, then pushed the deadline back to December.

The newswire further reported that since the scandal broke, the FCA had interviewed the CEO twice, as well as other officials including Mike Ashley, the board member who supervises whistle-blowing complaints and Chief Operating Officer Paul Compton.

While Barclays reprimanded its chief executive over the scandal earlier this year, trimming his variable award, the FCA probe could result in anything from a verbal warning to Staley losing his status as an approved person and therefore his ability to run the bank.

Analysts on Barclays

Citigroup reiterated its ‘sell’ rating on Barclays last week, without specifying a price target on the shares, while JPMorgan Chase & Co continues to see the FTSE 100 lender as a ‘buy,’ valuing the stock at 240p. According to MarketBeat, Barclays currently has a consensus ‘hold’ rating and an average price target of 206.55p. 

As of 09:01 GMT, Tuesday, 05 December, Barclays share price is 191.75p.

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