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Barclays Lender claimed on Monday that its chief executive, James E. Staley, would stage down promptly subsequent the benefits of an inquiry by British financial regulators into Mr. Staley’s romantic relationship with the disgraced financier Jeffrey Epstein.
The financial institution explained it discovered on Friday of the preliminary conclusions of a nearly two-12 months investigation by Britain’s Monetary Perform Authority and the Prudential Regulation Authority into the two men’s romance, which dates again to Mr. Staley’s tenure as the head of non-public banking at JPMorgan Chase. Mr. Staley made use of Mr. Epstein — who killed himself in 2019 after dealing with new allegations of sex trafficking of underage girls — to connect with potential shoppers.
In a assertion, Barclays claimed that Mr. Staley agreed to move down as main govt and from his placement on the board, and that he supposed to contest the investigation’s conclusions. It additional that the investigation did not make any results that Mr. Staley “saw, or was informed of, any of Mr. Epstein’s alleged crimes” and that it was “disappointed” with the outcome.
The Prudential Regulation Authority and the Economic Conduct Authority declined to give any facts about what their inquiry experienced identified, expressing in a joint assertion that they “do not remark on ongoing investigations or regulatory proceedings.”
Mr. Staley formerly mentioned that he experienced been “transparent and open” with Barclays about his ties to Mr. Epstein. He will be succeeded as chief government by C.S. Venkatakrishnan, Barclays’ co-president.
In stepping down, Mr. Staley becomes the most recent corporate chief to undergo penalties from remaining linked to Mr. Epstein. Amid some others is Leon D. Black, the billionaire who resigned as chairman and main executive of Apollo World-wide Management right after revelations that he had paid out extra than $150 million to Mr. Epstein.
