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The Morning Risk Report: Barclays Fined for Anti-Whistleblower Push |
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Barclays Chief Executive Jes Staley has now been fined by both New York state and the U.K. over trying to expose a whistleblower. PHOTO: SIMON DAWSON/BLOOMBERG NEWS
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Good day. Barclays PLC was fined $15 million by New York state regulators after a probe into Chief Executive Jes Staley’s efforts to unmask a whistleblower.
The New York Department of Financial Services said shortcomings in governance, controls and corporate culture relating to the bank’s whistleblowing function allowed a sequence of events that could have hurt its whistleblower program. Several members of management failed to follow or apply whistleblowing policies in a manner that protected the CEO or the bank itself, DFS said.
[Continued below…]
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Mr. Staley previously acknowledged personal involvement and apologized. He was fined £642,430 ($868,501) by U.K. regulators in May for what they called a “serious error in judgement” in trying to identify the author of whistleblowing letters. The bank also docked £500,000 in pay from his 2016 bonus over the matter.
In addition to the $15 million fine, Barclays entered into a consent order with DFS requiring the bank to submit a detailed plan to ensure the implementation of a whistleblower program, and a plan to improve the board’s oversight of that program.
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| From Risk & Compliance Journal |
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Former Panasonic Unit Executives Settle With SEC |
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Two former senior executives of a U.S. unit of Panasonic Corp. violated accounting rules stemming from a scandal that cost the company more than $280 million, the Securities and Exchange Commission said Tuesday.
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Volkswagen Supplier to Pay $35 Million Fine in Emissions Probe |
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Regulator Fines Glencore Copper Unit $21.3 Million |
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Canada’s main stock-market regulator issued a record $21.3 million fine to a Glencore PLC-controlled copper-mining company to settle allegations that it misled investors.
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Banks Get a Break on Soured-Loan Accounting |
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Charter Reaches Settlement Over Internet Service
Quality |
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Charter Communications Inc. will pay more than $174 million as part of a settlement following a probe by the New York state attorney general into the quality of service provided to customers.
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CVS Urges Judge Not to Halt Integration of Aetna |
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A federal judge on Tuesday softened his previous suggestion that he would likely issue a court order requiring CVS Health Corp. to halt its integration of newly acquired insurer Aetna Inc.
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Trump Foundation to Dissolve Amid Allegations of Misusing
Funds |
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Foodborne Illness Outbreaks in Spotlight as Technology Improves |
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Facebook Executive Vows Action Following Reports of Interference |
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Facebook Inc. Chief Operating Officer Sheryl Sandberg said the company needs to do more to protect users from disinformation, after researchers found Russian trolls attempted to suppress African-American voter turnout.
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Huawei Slams Efforts to Block It From 5G Rollout |
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A top executive at Huawei Technologies Co. fired back at efforts to block the company’s sale of 5G products and said its equipment is safe, challenging foreign officials to back up claims that it poses a cybersecurity threat.
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European Competition Commissioner Margrethe Vestager spoke in Brussels earlier in December. PHOTO: FRANÇOIS LENOIR/REUTERS
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Europe Tackles Competition With Microelectronics
Investment |
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The European Union added ammunition to its battle against Chinese domination of technology industries by approving plans from France, Germany, Italy and the U.K. to fund a multibillion research project in microelectronics.
Tuesday’s assent from the EU’s antitrust watchdog will allow the four countries to allocate up to €8 billion ($9.1 billion) in public and private funding by 2024 for research centers and companies to jointly work on smarter and more energy-efficient microchips and sensors.
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Pfizer, Glaxo to Combine Consumer-Health Businesses |
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Pfizer Inc. and GlaxoSmithKline PLC plan to combine their consumer-health units, and eventually spin off the joint venture—creating a global giant selling drugstore staples like Advil and Sensodyne toothpaste.
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Conagra Finds New Buyer for Wesson |
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Rent-A-Center Ends Deal to Be Acquired by Vintage
Capital |
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Elon Musk’s SpaceX Is Raising $500 Million in Funding |
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Space Exploration Technologies Corp., is set to raise $500 million at a $30.5 billion valuation, in a bid to help get its internet-service business off the ground, according to people familiar with the fundraising.
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Dentsu Acquires Digital Agency DEG |
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Dentsu Aegis Network, a unit of Japanese advertising giant Dentsu Inc., has acquired digital agency DEG, the latest in a string of deals for the holding company.
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FedEx Starts Buyout Program as Express Struggles |
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EQT, KKR Among Potential Bidders for Long Beach Container
Terminal |
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Former Disney COO Emerges as Top Candidate for CBS CEO Job |
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Former Walt Disney Co. Chief Operating Officer Tom Staggs has emerged as a top candidate to become CBS Corp.’s new CEO, people familiar with the matter said.
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Rice Brothers Seek CEO Post, Board Shakeup at EQT |
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The brothers who sold Rice Energy Inc. to EQT Corp., but are now pushing to take over running the company, laid out their demands for a shake-up and have another activist’s backing in Elliott Management Corp.
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Regulators Propose Overhaul of U.K. Audit Industry |
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U.K. regulators proposed sweeping changes to rules governing British audit firms Tuesday in moves designed to increase competition, prevent conflicts of interest and restore public confidence in an industry tarnished by scandal.
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Companies Must Disclose Executive Hedging Strategies |
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Companies will have to disclose whether executives and directors can hedge against declines in their companies’ stock, following a vote by U.S. securities regulators on Tuesday.
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