The UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have launched probes into the conduct of Barclays group CEO Jes Staley over whistleblowing and the bank’s responsibilities in the matter.

The bank’s board learnt of Staley’s attempt of identifying the letter of a whistleblower early in 2017, much against the regulators’ rules that protects identities of whistleblowers. Following this, the board hired law firm Simmons & Simmons to conduct an independent review of the matter.

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The review asserted that Staley “honestly, but mistakenly, believed that it was permissible to identify the author of the letter”.

The board has now said that Staley will be issued a formal reprimand and is likely to face a significant pay cut. The precise amount of the pay cut will be determined after the investigations are completed.

Barclays chairman chairman John McFarlane said: “I am personally very disappointed and apologetic that this situation has occurred, particularly as we strive to operate to the highest possible ethical standards. The Board takes Barclays culture and the integrity of its controls extremely seriously.

“We have investigated this matter fully using an external law firm and we will be commissioning an independent review of Barclays processes and controls to determine what improvements may be required.”

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Staley has admitted his errors and apologised to the board for his actions.

“I will also accept whatever sanction it deems appropriate. I will cooperate fully with the Financial Conduct Authority and the Prudential Regulatory Authority, which are now both examining this matter,” he said.