Barclays CEO Quits Over Link To Jeffrey Epstein
The chief executive of British bank Barclays stepped down Monday, Nov. 1, 2021, following a report by United Kingdom regulators into his past links with the late financier and sex offender Jeffrey Epstein.
Photo Insert: Former Barclays CEO Jess Staley
Jes Staley has previously said he “deeply regrets” his relationship with Epstein, who killed himself at a federal jail in New York in August 2019 while awaiting a sex trafficking trial.
There is no suggestion that the 64-year-old Staley knew anything about Epstein’s alleged crimes, the Associated Press (AP) reported. Staley said he will contest regulators’ preliminary conclusions, which were shared with him and the bank Friday.
The report by the Financial Conduct Authority and the Prudential Regulation Authority examined the way Staley characterized his relationship with Epstein to Barclays when he was Epstein’s private banker in his previous job at US investment bank J.P. Morgan.
Details of the report have not been released, and both regulators have refused to comment. Barclays said in a statement Monday that the bank and Staley agreed he would resign in light of regulators’ preliminary findings and Staley’s decision to fight them.
The bank noted that the investigation “makes no findings” that Staley saw or knew about any of Epstein’s alleged crimes, which it said was “the central question” behind its decision to back its chief executive after Epstein was arrested in 2019. It wouldn’t comment further.