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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Barclays    BARC   GB0031348658

BARCLAYS (BARC)
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British watchdog checks banks' whistleblowing policies amid Barclays probe

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04/13/2017 | 06:45pm CET
FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London

Britain's financial watchdog this week spoke to senior executives at the country's top banks to stress the importance of protecting whistleblowers after the head of Barclays sought to unmask one, sources familiar with the matter have told Reuters.

The executives were asked to ensure staff are aware of the regulations and they have the necessary procedures in place to protect any whistleblowers, according to the sources, who asked not to be named because of the sensitivity of the matter.

The Financial Conduct Authority declined to comment as did Royal Bank of Scotland (>> Royal Bank of Scotland Group plc), Barclays (>> Barclays PLC), Lloyds Banking Group (>> Lloyds Banking Group PLC), and HSBC (>> HSBC Holdings plc).

The calls to the banks are a sign of how seriously the regulator is taking this issue and show concerns that other banks may not have enforced the policy, one of the sources said.

"They didn't want to be caught with their trousers down and to find out that no one is really enforcing the rules," said a senior executive at one of Britain's largest banks.

Earlier this week, Barclays said it had reprimanded Chief Executive Officer Jes Staley and would cut his bonus after he twice attempted to identify the author of a letter that revealed "concerns of a personal nature" about an unnamed senior employee.

The Financial Conduct Authority and the Bank of England's Prudential Regulation Authority, which vetted Staley's appointment as CEO, are investigating the bank and Staley to see what other penalties might be warranted.

The case has raised concerns about how much the culture at large banks has really changed since the 2007-2009 global financial crisis, when misconduct by bankers led to a slew of lawsuits and regulatory probes.

Since then banks have been at pains to demonstrate they have mended their ways.

Measures at Barclays, for example, have included a series of training programs reinforcing conduct policies, changing employee performance measurements to better emphasise conduct and having CEO Staley write several internal memos about the importance of the bank's reputation.

Lawmakers have likewise tightened their scrutiny, demanding banks make clearer who is accountable for executives' behaviour and strengthen protections for those who call attention to misbehaviour.

Former JPMorgan banker Staley's attempts to hunt an internal whistleblower down will become a test case for whether these claims of reform are more than lip service, lawmakers and lawyers said this week.

By Andrew MacAskill and Lawrence White

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Financials ( GBP)
Sales 2017 21 210 M
EBIT 2017 5 757 M
Net income 2017 -1 095 M
Debt 2017 -
Yield 2017 1,43%
P/E ratio 2017 -
P/E ratio 2018 14,90
Capi. / Sales 2017 1,68x
Capi. / Sales 2018 1,61x
Capitalization 35 690 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 2,13  GBP
Spread / Average Target 1,7%
EPS Revisions
Managers
NameTitle
James Edward Staley Chief Executive Officer & Director
Jonathan P. Moulds Group Chief Operating Officer
Michael R. Harte Chief Operations & Technology Officer
Tushar Morzaria Group Finance Director & Executive Director
Reuben Jeffery Independent Non-Executive Director
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