Barclays CEO Jes Staley quits after investigation into links with Jeffrey Epstein

The investigation by the Monetary Conduct Authority and the Financial institution of England’s Prudential Regulation Authority was disclosed by Barclays in early 2020 and centered on how Staley had characterised the connection to his employer.

“In view of these conclusions, and Mr Staley’s intention to contest them, the board [of Barclays] and Mr Staley have agreed that he’ll step down from his function as group chief government and as a director of Barclays,” Barclays stated in its assertion on Monday.

“It ought to be famous that the investigation makes no findings that Mr Staley noticed, or was conscious of, any of Mr Epstein’s alleged crimes, which was the central query underpinning Barclays’ assist for Mr Staley following the arrest of Mr Epstein in the summertime of 2019.”

Epstein, a multi-millionaire and convicted pedophile who was charged with sex trafficking by US federal prosecutors, died in a New York jail cell in 2019 whereas awaiting trial.
Staley had been working Barclays since late 2015. Previous to that he labored for greater than 30 years at JPMorgan (JPM), the place he served as head of its funding banking division.

With impact from November 1, 2021, C.S. Venkatakrishnan will take over as Barclays CEO, topic to regulatory approval.

–This can be a growing story and will probably be up to date.

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