Standard Chartered chief quits after 'inappropriate behaviour' finding
The head of compliance at Standard Chartered has stepped down after an internal investigation found his behaviour to be inappropriate.
Neil Barry’s “managerial style, behaviour and language” towards staff was “not in line with our valued behaviours,” an internal memo said. The bank said Mr Barry’s behaviour was not bad enough for him to be sacked.
Bank boss Bill Winters has been focusing on the bank’s compliance after US money-laundering issues.
Mr Barry was placed on leave in March after complaints were made through the bank’s internal whistleblower mechanism, “Speak Ups”.
“As a result of the investigation, we went through a full and fair disciplinary process,” the bank said.
Leaving the bank
The probe found Mr Barry’s behaviour was “not in line with our valued behaviours, although it fell short of warranting his dismissal.”
Mr Barry “expressed his regret if any of his interactions with his colleagues caused upset or offence – that was never his intention,” a memo sent to staff said.
“He has also acknowledged that as a senior leader he must role-model the highest standards of behaviour.”
Mr Barry will now pursue other opportunities, the memo said.
When Mr Barry was suspended, former FCA regulator Tracey McDermott became acting head of compliance at the bank. She will continue in that role, as well as being the bank’s head of public policy and marketing.
Standard Chartered chief executive Bill Winters has been trying to improve the bank’s compliance image after a series of issues including breaking US sanctions and money-laundering regulations.