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NY Fines Barclays $15M Over CEO's Whistleblower Hunt

Law360 (December 18, 2018, 4:39 PM EST) -- New York’s top banking regulator has hit Barclays with a $15 million fine as part of a settlement announced Tuesday resolving claims stemming from the agency’s investigation into a push by the bank’s CEO to smoke out the source of two 2016 whistleblower letters that raised concerns about a recently hired executive.

In a consent order with Barclays Bank PLC and its New York branch, the New York State Department of Financial Services said its investigation found shortcomings in governance, controls and corporate culture that culminated in Barclays CEO Jes Staley’s “unfortunate effort” to identify whoever wrote the two anonymous letters,...

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