Barclays share price: Whistleblowing head to leave bank

on Sep 15, 2017
Updated: Mar 11, 2020

Barclays’ (LON:BARC) global head of whistleblowing is leaving the bank, Reuters has revealed. The news comes as regulators investigate the company’s chief executive Jes Staley for attempts to uncover the identity of a whistleblower.

Barclays’ share price has fallen deep into the red in today’s session, having given up 1.63 percent to 186.70p as of 13:33 BST, as compared with a 1.28-percent dip in the FTSE 100 index. The group’s shares have added about 10 percent to their value over the past year, but are down by some 16 percent in the year-to-date.

Sources with knowledge of the matter told Reuters today that Jonathan Cox, a former police detective inspector, was leaving Barclays after dropping an employment lawsuit against the lender for alleged whistleblowing rule breaches. No details about the case or his allegations have been disclosed. The newswire noted that a spokesman for Barclays and Cox’s lawyer declined to comment on his departure, the case and whether there had been any financial settlement.

Cox joined Barclays in May 2013 according to his LinkedIn profile and led the bank’s whistleblowing team for more than two years.

His departure comes after it emerged earlier this year that the FTSE 100 lender’s chief executive Jes Staley was under investigation by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for breaking rules designed to protect whistleblowers. Barclays issued a formal written reprimand to its chief executive and vowed to make “a very significant compensation adjustment” to his variable award. Staley apologised to the lender’s shareholders at the group’s annual general meeting, while chairman John McFarlane defended him, pointing out that the board believed that it was dealing with an ‘external’ whistleblower rather than a Barclays employee.

As of 13:48 BST, Friday, 15 September, Barclays share price is 186.45p.