Jes Staley, the CEO of Barclays Plc., is stepping down amid a UK regulatory investigation into how he described his links to billionaire and sex criminal Jeffrey Epstein. According to a statement obtained by Bloomberg, Staley, 64, will depart on Monday. C.S. Venkatakrishnan will succeed him as CEO. The bank appointed Venkatakrishnan, often known as Venkat, to lead the Barclays markets business last year after serving as the company’s chief risk officer.
Staley Steps Down As Barclay’s CEO
The initial findings from the Financial Conduct Authority and the Prudential Regulatory Authority’s inquiry into Staley’s characterization of his connection with Epstein to Barclays and Barclays’ successive explanation of that relationship in its response to the regulator were made public on Friday evening.
According to a Reuters report, the bank said the Board and Staley agreed he would step down as Group Chief Executive and director.
It’s worth noting that the inquiry finds no evidence that Staley witnessed or was aware of any of Mr. Epstein’s alleged crimes, which was the key concern behind Barclays’ support for Staley following Epstein’s arrest in the summer of 2019.
Officials arrested Epstein, a billionaire investor, in July 2019 on allegations of child sex trafficking. But according to a CNBC report, Epstein killed himself a month later in a federal prison in Manhattan.
The UK’s financial watchdog and the Bank of England’s regulatory authority have been looking into Staley’s ties to the deceased financier. The regulatory procedure still has to run its full course, Barclays stated. However, the bank is not in the proper position to comment further on the preliminary results.
Staley To Receive Millions of Dollars On Top Of Pension, Other Perks
BBC said the bank would pay Staley £2.4 million (approximately $3.2 million) over a year. He will also get his annual pension payment of £120,000 (more than $160,000) and any additional perks.
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) of the Bank of England said last year that they were looking into Staley’s characterization to the firm of his connection with Epstein.
Following Epstein’s death in 2019, Barclays said Staley volunteered and explained his connection with Epstein to key executives and the chairman.
According to Wall Street Journal, Staley said his association with Epstein began in 2000. Staley was the president of JPMorgan Chase & Co.’s private bank. Epstein served as its client. He told media in February 2020 that when he left JPMorgan in 2013, his communications with Epstein began to “taper off.” He said the last time he spoke with him was in the “middle to autumn” of 2015. In December 2015, he was named CEO of Barclays.