British bank boss steps down over report into Epstein links

The chief executive of British bank Barclays has stepped down following an investigation by regulators into his links with convicted sex offender Jeffrey Epstein.

Key points:Jes Staley worked as Epstein's private bankerBarclays said the investigation "makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein's alleged crimes"Mr Staley has said his relationship with Epstein ended in late 2015

The UK's Financial Conduct Authority and the Prudential Regulation Authority investigated Jes Staley's links to the dead financier after they were handed emails between the two men.

Mr Staley was Epstein's private banker in a previous job.

Barclays said it had been made aware of the conclusions of the probe on Friday.

It said Mr Staley would contest them, as he was not aware of any crimes committed.

"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," the bank said in a statement.

"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."

Board 'disappointed' with outcome

Barclays Bank
The bank's share price has fallen 9 per cent since Mr Staley became CEO.

Barclays said last year that Britain's financial regulators were probing links between Mr Staley and Epstein, who killed himself while awaiting trial on sex trafficking offences in New York in 2019.

Mr Staley has previously said his relationship with Epstein ended in late 2015, and that he regretted having any ties with him.

The FCA and PRA said in a statement they could not comment further.

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"The board is disappointed at this outcome. Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill," the bank said in a statement.

UK regulators launched their investigations into links between Mr Staley and Epstein after JPMorgan provided them with emails the two exchanged when Mr Staley was the head of JPMorgan's private bank, the Financial Times reported last year.

Barclays' share price has fallen 9 per cent since Mr Staley became CEO.

Barclays fought off a campaign launched by activist investor Edward Bramson in 2018 to have Mr Staley removed. Mr Bramson sold his stake earlier this year.

Britain's financial regulators and Barclays fined Mr Staley a combined 1.1 million pounds ($1.82 million) in 2018 after he tried to identify a whistleblower who sent letters criticising a Barclays employee.

CS Venkatakrishnan, Barclays' head of global markets, will replace Mr Staley with immediate effect.


Posted 1 Nov 20211 Nov 2021Mon 1 Nov 2021 at 10:08am, updated 1 Nov 20211 Nov 2021Mon 1 Nov 2021 at 10:25amShareCopy linkFacebookTwitterArticle share optionsShare this onFacebookTwitterLinkedInSend this byEmailMessengerCopy linkWhatsApp


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