Trump pledges 'major haircut' on bank regulations

The American boss of one of Britain’s top banks will have his pay slashed after he admitted trying to unmask a whistleblower.

Barclays said in a statement which CEO Jes Staley tried to identify the author of a letter which the bank was treating as an attempt to report wrongdoing.

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Following an investigation by the Barclays (BCS) board along with an external law firm, the bank said the item had concluded which Staley had “honestly, although mistakenly believed which the item was permissible to identify the author of the letter.”

“the item will therefore be issuing a formal written reprimand to Mr. Staley along with has decided which a very significant compensation adjustment will be made to Mr. Staley’s variable compensation award,” the item said within the statement.

Staley’s total pay came to £4.2 million ($5.2 million) in 2016, including bonus, benefits along with pension payments. According to the bank’s annual report, he could have made more than £7 million in 2017, including bonuses.

Related: Feds order Wells Fargo to rehire whistleblower

Just how much Staley loses will be determined once U.K. financial regulators have concluded an investigation into his behavior along with the bank’s approach to dealing with whistleblowers.

jes staley barclays ceo

Staley, a banker with more than 30 years experience at JP Morgan (JPM), said he had apologized to Barclays.

The bank gave no details about the nature of the whistleblower’s allegations although said the item had accepted Staley’s explanation which he was “trying to protect a colleague who had experienced personal difficulties within the past coming from what he believed to be an unfair attack.”

Barclays said the item might not comment further while the regulators continued their investigation. Its shares were off by as much as 1% in early London trading.

Staley became CEO in December 2015, succeeding Antony Jenkins who had spent three years trying to overhaul Barclays following the departure of his predecessor, Bob Diamond, within the wake of a major interest rate rigging scandal which cost the bank billions in fines.

Related: Global banks handled laundered Russian cash

although the bank can be still struggling to shake off the legacy of past misconduct. In December, the item was accused by a U.S. prosecutor of defrauding investors who bought mortgage securities coming from the bank before they blew up during the financial crisis.

Earlier last year, Barclays agreed to pay tens of millions of dollars to settle charges which their so called “dark pool” trading platforms gave unfair advantage to high-speed traders who used them.

along with in late 2015, Barclays was slapped which has a record U.K. fine for trying to keep a huge deal with super rich clients in 2011-2012 so secret the item bought a brand new safe just to store the documents.

The U.K. Financial Conduct Authority said the bank trashed its own rules on generating background checks on clients along with the origin of their cash, along with whether they figured on international sanctions lists.

Barclays was also one of all 5 banks fined in 2015 for trying to rig foreign currency markets in their favor.

sy88pgw (London) First published April 10, 2017: 3:50 AM ET