LONDON/NEW YORK: Barclays allegedly pressured a former senior trader in the United States to ignore internal risk controls and then forced him out when he raised complaints, according to a public court document seen by Reuters, the latest in a string of allegations about the British bank’s handling of whistleblowers.
Brian La Belle, the bank’s former head of commercial real estate trading, alleged his bosses compelled him to perform trades and contact clients in August and December 2017 while he was on mandatory leave, contrary to regulations.
He also alleges in the court filing that managers called him to complain that he had raised concerns in emails about being made to work during ‘block leave’, a period of absence required by regulators to ensure bosses can detect rogue trading and other potential misconduct.
When La Belle raised concerns with compliance officials at the bank he was first sidelined before he was sacked in Aug. 2018, he alleged in New York district court filing dated April 29.
A spokeswoman for Barclays declined to comment, citing a policy of not commenting on ongoing legal proceedings.
La Belle’s alleged ousting came at a time when the bank’s handling of whistleblowers was under intense scrutiny after its Chief Executive Jes Staley was in May 2018 fined by British regulators for attempting to unmask one in contravention of rules designed to protect them.
The 1.1 million pound ($1.4 million) fine ordered by the Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority was the first such punishment imposed on a sitting CEO of a major British bank. It cast a pall over Staley’s efforts to show the bank has improved its culture since the 2008 crisis.
Barclays launched a review of its whistleblowing procedures in 2017, and in its 2018 annual report published in February this year it said it had implemented recommendations from the review including creating a centralized team to review all complaints.
After La Belle complained internally about being asked to complete trades while he was supposed to be on leave, he said that Larry Kravetz, one of his managers, asked him on a phone call: “How could you be so f***ing stupid to put that in an email.”
Kravetz could not immediately be reached for comment.
La Belle said he raised further complaints about separate deals that he said were too risky but were pushed through nonetheless, before the bank ultimately fired him. He is seeking reinstatement and over $10 million in compensation.
The case continues in New York on Tuesday.
Former Barclays trader claims bank fired him for misconduct after whistleblowing
Former Barclays trader claims bank fired him for misconduct after whistleblowing
- Brian La Belle, the bank’s former head of commercial real estate trading, alleged his bosses compelled him to perform trades and contact clients while he was on mandatory leave
- When La Belle raised concerns with compliance officials at the bank he was first sidelined before he was sacked in Aug. 2018
Armah Sports net profit up 62% on strong personal training demand
RIYADH: Strong demand for personal training services and continued expansion in its membership base drove Armah Sports Co.’s net proft to shareholders up 62 percent to SR62 million ($16.53 million) in 2025.
Revenue increased rising 27 percent annually to SR224.9 million in the year ending Dec. 31, while while operating revenue climbed 48 percent to SR81.1 million, reflecting operating leverage as revenue growth outpaced cost increases.
Personal training profit increased 51 percent during the year, supported by sustained demand for high-quality training services.
Subscription and membership revenue grew 24 percent, driven by expansion in the average member base and the increasing maturity of existing clubs. The company also recorded growth in ancillary revenue streams from its fitness centers.
Industry data suggests the company’s performance reflects broader structural growth in the Kingdom’s fitness sector.
Ahmed Attallah, manager at the organizers of health and fitness exhibition FIBO Arabia, told Arab News: “Saudi Arabia’s fitness industry is undergoing structural expansion rather than cyclical growth.”
He added: “The market has grown from approximately SR3.4 billion in 2017 to SR7.7 billion in 2024 and is projected to reach SR15.5 billion by 2030. This growth is supported by regulatory reform, rising female participation, and sustained private-sector investment aligned with Vision 2030.”
FIBO Arabia is one of the largest annual health, fitness and wellness industry exhibitions in Riyadh that brings together operators, suppliers, investors and other sector stakeholders to showcase innovations and business opportunities.
Attallah added that revenue growth across operators is increasingly driven by premium services.
“Personal training and premium services remain underdeveloped compared to mature markets, creating room for further revenue growth. At the same time, boutique formats and digitally integrated models are attracting younger, experience-driven consumers,” he said.
Attallah stated that strong financial results from leading operators reflect underlying market fundamentals, and said: “Capital inflows, international brand expansion, and fitness infrastructure embedded within gigaprojects and mixed-use developments point to long-term confidence in the sector.”
He added: “Saudi Arabia is moving from rapid expansion to institutional maturity, positioning it as the Middle East’s leading growth market for fitness and wellness investment.”
Deferred revenue at Armah rose to SR62.6 million across the year, reflecting strong membership renewals and enhancing revenue visibility for future periods.
Cost of revenue increased 22 percent in line with higher activity levels, while operating expenses rose 46 percent, reflecting investments in automation and key senior hires to support future expansion. Interest expenses were linked to financing and lease liabilities associated with the company’s growth strategy.
During the year, Armah recorded non-recurring items including a SR9.5 million gain from a sublease transaction, a SR0.8 million gain from a rent waiver on a lease, and SR1.5 million in expenses related to preparations for transitioning to the Kingdom’s Main Market from Nomu.
Excluding non-recurring items, adjusted net income attributable to shareholders reached SR53.2 million, while adjusted earnings before interest, taxes, depreciation and amortization totaled SR115 million, in line with the reconciliation disclosed in the audited financial statements.
Armah has advanced its expansion and market positioning over the past year, announcing plans in January for a new men’s B_FIT club in Riyadh’s Irqah district. In 2025, it signed agreements for additional clubs in Al Maseef and a SR224 million development deal with Qimam Noshoz.
