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College stands by trustee Jes Staley amid Barclays woes

April 14, 2017

Jes Staley ’79, a member of the Board of Trustees and CEO of Barclays, received a significant cut to his 2016 bonus pay after an internal company investigation revealed that he sought to unmask the identity of a whistleblower who had expressed concern about one of the bank’s executives, Bloomberg reported on Sunday.

Speaking on behalf of the administration, Senior Vice President for Communications and Public Affairs Scott Hood stated the College’s support for Staley but declined to comment further.

“Jes is a wonderful and dedicated alumnus and very active and valuable trustee, and we are fortunate that he is part of the Bowdoin community,” Hood wrote in an email to the Orient.

Staley was first elected to the Board of Trustees in 2007. In 2012, he was re-elected for a five-year term, which expires this spring. During the 2014-2015 academic year, he chaired the 18-member Presidential Search Committee that ultimately hired President Clayton Rose. Staley was named CEO of Barclays in October 2015.

The law firm Simmons & Simmons, hired by Barclays to investigate the incident, determined that Staley “honestly, but mistakenly, believed that it was permissible” to identify the whistleblower, according to Forbes.

In a statement to The New York Times, Staley apologized for his actions and promised to fully comply with the British and American regulators who are investigating the incident.

“I have apologized to the Barclays board and accepted its conclusion that my personal actions in this matter were errors on my part,” he said. “I will also accept whatever sanction it deems appropriate. I will cooperate fully with the Financial Conduct Authority and the Prudential Regulatory Authority, which are now both examining this matter.”

Staley could not be reached for comment.

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