January 19, 2022

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James Staley, Barclays C.E.O., Steps Down After Epstein Inquiry

James Staley, Barclays C.E.O., Steps Down After Epstein Inquiry

Barclays mentioned on Monday that its chief govt, James E. Staley, would step down instantly following the outcomes of an inquiry by British monetary regulators into Mr. Staley’s relationship with the disgraced financier Jeffrey Epstein.

The bank said it discovered on Friday of the preliminary conclusions of a virtually two-year investigation by Britain’s Monetary Conduct Authority and the Prudential Regulation Authority into the 2 males’s relationship, which dates again to Mr. Staley’s tenure as the top of personal banking at JPMorgan Chase. Mr. Staley used Mr. Epstein — who killed himself in 2019 after dealing with new allegations of intercourse trafficking of underage ladies — to attach with potential shoppers.

In an announcement, Barclays mentioned that Mr. Staley agreed to step down as chief govt and from his place on the board, and that he supposed to contest the investigation’s findings. It added that the investigation didn’t make any findings that Mr. Staley “noticed, or was conscious of, any of Mr. Epstein’s alleged crimes” and that it was “disenchanted” with the end result.

The Prudential Regulation Authority and the Monetary Conduct Authority declined to offer any particulars about what their inquiry had discovered, saying in a joint assertion that they “don’t touch upon ongoing investigations or regulatory proceedings.”

Barclays mentioned the investigation targeted on how Mr. Staley had characterised his relationship with Mr. Epstein to the board, and the next description of the connection in Barclays’ response to the Monetary Conduct Authority.

Mr. Staley beforehand mentioned that he had been “clear and open” with Barclays about his ties to Mr. Epstein.

He can be succeeded as chief govt by C.S. Venkatakrishnan, Barclays’ co-president.

In February 2020 Barclays announced the regulators’ investigation, noting that Mr. Staley “developed knowledgeable relationship with Mr. Epstein” earlier in his profession. “Mr. Staley additionally confirmed to the Board that he has had no contact in any way with Mr. Epstein at any time since taking over his position as Barclays Group C.E.O. in December 2015,” the corporate added. The board then beneficial that Mr. Staley be reappointed as chief govt.

In stepping down, Mr. Staley turns into the most recent company chief to undergo penalties from being linked to Mr. Epstein. In January Leon D. Black introduced his resignation as chairman and chief govt of Apollo World Administration after revelations that he had paid greater than $150 million to Mr. Epstein.

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