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Barclays CEO steps down after investigation into alleged ties to Jeffrey Epstein

6 months 3 weeks 2 days ago Monday, November 01 2021 Nov 1, 2021 November 01, 2021 5:52 AM November 01, 2021 in News
Source: CNN
Jes Staley

A British multinational universal bank worth billions of dollars announced Monday that its American CEO is stepping down after being investigated for his alleged ties to an infamous sex offender.

According to CNN, Jes Staley's departure from Barclays is in effect immediately as a result of reported links to disgraced financier, Jeffrey Epstein.

The investigation into their alleged relationship was led by the Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) and its conclusions were shared with both Barclays and Staley Friday evening.

On Monday, Barclays released the following statement: "In view of those conclusions, and Mr Staley's intention to contest them, the board [of Barclays] 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 London-based bank added.

Epstein, a wealthy businessman who was a convicted pedophile and charged with sex trafficking died in a New York jail cell in 2019 while awaiting trial.

Staley, was believed to be an associated of Epstein's while he worked for JPMorgan (JPM), where he served as head of its investment banking division.

Staley defended himself back in February of last year, telling reporters, "He (Epstein) was already a client. The relationship was maintained during my time at JPMorgan, but as I left Morgan it tapered off quite significantly." 

When asked if he regretted his relationship with Epstein, Staley said, "Obviously I thought I knew him well and I didn't. And for sure with hindsight of what we all know now I deeply regret having had any relationship with Jeffrey Epstein."

Staley reportedly told the Barclays board he had no contact with Epstein since becoming the British bank's CEO in December of 2015.

But some say officials believe there is a concerning lack of transparency in regards to Epstein and Staley's relationship.

In a related issue, Prince Andrew, a member of the British Royal Family who was also an alleged acquaintance of Epstein is asking that a New York court dismiss legal action brought against him by a woman who says she was assaulted by both Epstein and Prince Andrew.

According to BBC News, Virginia Giuffre, a 38-year-old woman, says Prince Andrew sexually assaulted her when she was 17 years old.

In any case, with Staley's reputation sullied by his alleged ties to Epistein, Barclay will move forward without the former CEO.

Beginning Monday (November 1), C.S. Venkatakrishnan will take the reins as Barclays' CEO.

Before moving into this new role, Venkatakrishnan was Barclays' head of global markets and a group chief risk officer from 2016 to 2020.

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