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
Free trade negotiations between GCC, India mark new phase of partnership, says sec-gen
RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.
Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.
This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.
During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.
Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.
Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit.
This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states.
The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.
The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.
They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.
