The New York Department of Financial Services fined Barclays Bank PLC and its New York branch US $15 million for the 2016 efforts of Barclays’s CEO James Staley to discover the identity of two whistleblowers that wrote separate letters questioning the hiring and fitness of a top-level executive and whether Mr. Staley’s role in the hiring process was conflicted. NY DFS found that executives and board members did not follow the bank’s whistleblower policies and procedures when they failed to forward these letters to the bank’s Investigations and Whistleblower Team and instead circulated the letter among themselves including to Mr. Staley. In fining Barclays, NY DFS recognized Barclays’s cooperation during its investigation. In May 2018, the UK Prudential Regulation Authority and the Financial Conduct Authority fined Mr. Staley GB £642,430 (at the time, approximately US $870,000) related to this matter, while Barclays Group announced that, in light of this incident, it had determined to claw back GB £500,000 (at the time, approximately US $677,000) from Mr. Staley’s 2016 compensation. (Click here for additional information regarding this matter and Mr. Staley’s prior sanctions in the article “UK Bank Head Sanctioned Over US $1.5 Million Equivalent by Regulators and Employer for Potentially Undercutting Firm’s Whistleblower Process” in the May 13, 2018, edition of Bridging the Week.)