Barclays chief in the line of fire, trade war averted and calling corporate BS

Jes Staley faces sanction — and a large pay cut — for trying to uncover the identity of an internal whistleblower

Listen to this article

00:00
00:00

Sign up to receive FirstFT by email here

Barclays, the British bank that has spent much of the past five years attempting to repair its reputation after the Libor rigging scandal, is back in the line of fire. Chief executive Jes Staley, who has publicly pushed for high ethical standards at the lender, is facing sanction — and a big pay cut — for trying to uncover the identity of an internal whistleblower. 

Shares in Barclays dropped 1 per cent after the bank announced that the Financial Conduct Authority and Bank of England were launching investigations into Mr Staley and the handling of whistleblowers at the bank. An external investigation has already concluded Mr Staley acted “honestly but mistakenly” in trying to identify the whistleblower last year, and the board has vowed to cut his multimillion-pound annual pay package. He failed to identify the whistleblower. (Guardian, FT)

In the news

Trade war averted China will offer the Trump administration two quick concessions on finance and beef in a 100-day plan that was probably one of the most concrete outcomes of last week’s meeting between Xi Jinping and Donald Trump. Larry Summers argues that the US must work to improve its economic relationship with China, which matters more than any short-term gains that truculent posturing might create. (FT)

Church blasts challenge Sisi Egypt’s president Abdel Fatah al-Sisi has declared a three-month state of emergency after Sunday attacks on two Coptic churches killed 44 and injured dozens more. Isis claimed responsibility for the explosions, which are a challenge to the authority of Mr Sisi. The former general has vowed to protect the Copts but critics say the attack is the product of decades of discrimination against the ancient Christian community. (BBC, FT, CNN)

Indian tax jitters After a decade of delays the Indian government will replace a tangle of regional taxes with a national goods and services tax (GST) on July 1. But after years of lobbying for the new system, businesses now want its implementation to be delayed. (FT)

US aircraft carrier fuels Korea tensions The Pentagon’s plan to deploy the USS Carl Vinson to waters off the Korean peninsula is designed to be a “show of force” just days after the strike against Syria. But the move raises tensions between Washington and Pyongyang to new heights. (FT, NAR)

Somalia’s pirates are back in business Lawlessness at home is fuelling a resurgence in crime on the high seas after piracy was all but stamped out by international naval forces following its late-2000s heyday. (Foreign Policy)

It’s a big day for

The G7 Foreign ministers of the G7 nations will begin a two-day meeting in the Tuscan town of Lucca. Russia’s role in Syria is expected to dominate the discussions. (FT)

UK-EU negotiations Spain will host a meeting of leaders from France, Greece, Italy, Portugal, Cyprus and Malta outside Madrid to discuss Brexit and the likely effects on the bloc. Prime Minister Mariano Rajoy is also expected to use the summit as an opportunity to bring Spain in from the margins of the European political debate. (FT)

Congo Opposition parties have called for street marches in the Democratic Republic of Congo’s main cities in protest at the collapse of talks to end an escalating political crisis. (NYT) 

Keep up with the important business, economic and political stories in the coming days with the FT’s Week Ahead.

Food for thought

Calling bullshit Lucy Kellaway on her delight at hearing that her favourite pastime has made it into academia — although it is limited to spotting bullshit in numbers, not words. She offers up an outline for a rival course aimed at filling that gap. “Sharp eyes will spot at once the difficulty in applying this to corporate life — almost everything fits the description.” (FT)

Learning to sleep For years, studies have shown how bad sleep weakens the immune system, impairs learning and memory, contributes to depression and other mood and mental disorders, as well as obesity, diabetes, cancer and an early death. Today, sleep has become a status symbol — and a flourishing space for entrepreneurs. (NYT)

Inside the Trump inner circle As the world tries to make sense of the Trump White House, the experience of people such as David Cordish gives insight into the Trump world of splashy big-city property developments. Mr Cordish also diversified into casinos, where accusations are made and then forgotten, relationships are fluid and court battles can be just another way of getting acquainted. (FT)

How to fix everything iFixit, a 14-year-old, 125-employee company with $21m in sales, promises to teach the everyday consumer how to fix all their gadgets — from toasters to iPhones. It is giving away a lot of valuable information and Apple is taking notice. (Inc)

Shell shocks The inside story of how the Anglo-Dutch oil company secured a $1.3bn Nigeria oil deal knowing that the money would go to a front company connected to a former Nigerian oil minister, Dan Etete. (BuzzFeed)

Video of the Day

The week ahead The FT’s Vanessa Kortekaas highlights the main stories in the week ahead, including a referendum in Turkey about presidential powers, US banks reporting first-quarter earnings and inflation data out of the UK. (FT)

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.