National & International

Barclays boss quits over Epstein inquiry

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Barclays chief executive Jes Staley has stepped down following an investigation into his ties with convicted sex offender and disgraced financier Jeffrey Esptein, according to the BBC.

The UK financial watchdog and the Bank of England had been investigating Mr Staley’s links to the dead financier.

Barclays have said that it was made aware of the preliminary conclusions of the investigation from the Financial Conduct Authority and the Prudential Regulatory Authority on Friday night into how Staley described his relationship with Epstein.

C.S. Venkatakrishnan, head of global markets at the bank, will replace him as CEO with immediate effect.

Prior to working at Barclays, Mr Staley worked at JP Morgan, where in 2000 he developed a relationship with Epstein who was a client of the bank.

Despite Epstein’s conviction of soliciting prostitution from a minor in 2008, Mr Staley admitted that he maintained contact with him for seven years afterwards.

Mr Staley will receive 12 months’ pay, totalling £2.4m, as well as his pension allowance of £120,000 for the year, and any other benefits.

A statement released by Barclays on Monday morning read: “In view of those conclusions, and Mr Staley’s intention to contest them, the board and Mr Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays.

“It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.

“The board is disappointed at this outcome. Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill.”

In a statement, the FCA and PRA said: “‘The FCA and PRA do not comment on ongoing investigations or regulatory proceedings beyond confirming the regulatory actions as detailed in the firm’s announcement.”

Image source: Sky

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