Barclays CEO Jes Staley Steps Down Over Links To Jeffrey Epstein

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LONDON (AP) — The main enforcement of British slope Barclays stepped down Monday pursuing a study by United Kingdom regulators into his past links with the precocious financier and enactment offender Jeffrey Epstein.

Jes Staley has antecedently said helium “deeply regrets” his narration with Epstein, who killed himself astatine a national jailhouse successful New York successful August 2019 portion awaiting a enactment trafficking trial. There is nary proposition that the 64-year-old Staley knew thing astir Epstein’s alleged crimes.

Staley said helium volition contention regulators’ preliminary conclusions, which were shared with him and the slope Friday. The study by the Financial Conduct Authority and the Prudential Regulation Authority examined the mode Staley characterized his narration with Epstein to Barclays erstwhile helium was Epstein’s backstage banker successful his erstwhile occupation astatine U.S. concern slope J.P. Morgan.

Details of the study person not been released, and some regulators person refused to comment.

Barclays said successful a connection Monday that the slope and Staley agreed helium would resign successful airy of regulators’ preliminary findings and Staley’s determination to combat them.

The slope noted that the probe “makes nary findings” that Staley saw oregon knew astir immoderate of Epstein’s alleged crimes, which it said was “the cardinal question” down its determination to backmost its main enforcement aft Epstein was arrested successful 2019. It wouldn’t remark further.

Staley said his past interaction with Epstein was successful autumn 2015, erstwhile helium and his woman sailed to Epstein’s backstage land for lunch. That travel occurred soon earlier helium joined Barclays. He said helium had nary interaction with Epstein erstwhile helium joined the slope successful December 2015.

C.S. Venkatakrishnan, caput of planetary markets for the bank, volition instrumentality implicit arsenic main executive. Barclays said succession readying has been successful spot for immoderate time, and helium had been identified arsenic the preferred campaigner much than a twelvemonth ago.

Shares successful Barclays fell 2% pursuing the announcement, arsenic Staley had been wide credited with doing a bully occupation astatine the bank.

Barclays credited him for moving the institution with “commitment and skill,” helping alteration operations and amended its results. It added that the regulatory process inactive has to tally its people and that “it is not appropriate” for the slope to remark further connected the preliminary conclusions.

Analysts said that Barclays had to enactment due to the fact that of the imaginable harm to its reputation.

“Barclays is close to propulsion the plug now,” said Neil Wilson, main marketplace expert astatine “It astir apt could person done it earlier.”

The slope said Staley volition get a 2.5 cardinal lb ($3.5 million) payout and person different benefits for a year. He besides whitethorn beryllium eligible to person repatriation costs to the U.S. and could person much cash.

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