The boss of one of Britain's biggest banks will have his pay slashed after he admitted trying to unmask a whistleblower.
Barclays said in a statement that CEO Jes Staley tried to identify the author of a letter that the bank was treating as an attempt to report wrongdoing.
Following an investigation by the Barclays board and an external law firm, the bank said it had concluded that Staley had "honestly, but mistakenly believed that it was permissible to identify the author of the letter."
"It will therefore be issuing a formal written reprimand to Mr. Staley and has decided that a very significant compensation adjustment will be made to Mr. Staley's variable compensation award," it said in the statement.
Staley's total pay came to £4.2 million ($5.2 million) in 2016, including bonus, benefits and pension payments. According to the bank's annual report, he could have made more than £7 million in 2017, including bonuses.
Just how much Staley loses will be determined once U.K. financial regulators have concluded an investigation into his behavior and the bank's approach to dealing with whistleblowers.
Staley said he had apologized to the bank's board.
Barclays gave no details as to the nature of the whistleblower's actions but said it had accepted Staley's explanations that he was "trying to protect a colleague who had experienced personal difficulties in the past from what he believed to be an unfair attack."
The bank said it would not comment further while the regulators continued their investigation.
Barclays shares were off by as much as 1 percent in early London trading.