Jes Staley, Chief Executive at Barclays steps down over Epstein investigation
Due to ties with the investigation into Jeffrey Epstein, Jes Staley, the chief executive at Barclays has stepped down. Barclays announced his resignation after U.K regulators looked into Jes Staley’s relation with Epstein and how this relationship was portrayed to the bank.
The investigation into Staley’s connection to Epstein begun in February 2020 after emails between both men surfaced - during the time that Staley was the executive at JPMorgan, where he represented Epstein. This relationship between the two men showed closer ties than previously suggested by Staley. Convicted sex offender Epstein died by suicide in a New York Prison in 2019 whilst awaiting trial.
Facts:
The bank announced Staley’s resignation as CEO—a role he has held since 2015—after being “made aware” of early findings from an investigation by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRU) Friday evening.
The regulators, which had been investigating what Staley told Barclays and regulators about his relationship with Epstein, made no findings that Staley “saw, or was aware of,” any of Epstein’s alleged crimes, the bank said.
This was the “central question underpinning Barclays” support for Staley following Epstein’s arrest in 2019, the bank added.
Barclays said it was “disappointed” by the outcome, adding that Staley intends to contest the findings.
Staley is entitled to receive 12 months’ notice from Barclays under his contract and will receive pay (£2.4 million, around $3.3 million), pension allowance (£120,000, around $164,000) and other benefits for the year.
C.S. Venkatakrishnan, known as Venkat, will take over as chief executive and director, subject to regulatory approval, the bank said.
