Investing.com – Jess Staley steps down as CEO of UK financial institution Barclays (LON 🙂 after UK regulators examine his ties to the late financier Jeffrey Epstein.
The financial institution mentioned it grew to become conscious of the “preliminary findings” of a regulatory investigation by the Monetary Conduct Authority (NYSE 🙂 concerning Staley’s relationship with Epstein, and the way Barclays introduced them in a press release to regulators.
The financial institution mentioned its board was “upset with this consequence.”
Staley efficiently ran Barclays after just a few troublesome years, preventing off an aggressive investor marketing campaign that challenged his huge wager technique on funding financial institution Barclays. The division made report earnings within the early phases of the pandemic, and Barclays made it clear that it’s going to proceed to give attention to its funding financial institution regardless of the change in management by appointing S.S. Venkatakrishnan as Common Supervisor.
Nonetheless, Staley’s tenure has additionally been marked by controversy, together with a run-in with regulators over his whistleblower harassment and, over the previous 18 months, his relationship with Epstein, who dedicated suicide whereas awaiting trial for intercourse crimes. The FCA and PRA investigation was launched after US regulators handed emails between the 2 males to British authorities.
Staley knew Epstein as a shopper when he headed the asset administration enterprise of JPMorgan (NYSE 🙂 within the early 2000s. Nonetheless, he maintained a relationship with Epstein lengthy after the latter was convicted of committing underage prostitution in 2008. In line with numerous studies, Staley visited Epstein in Florida whereas he was nonetheless serving his sentence in 2009, and just lately visited Epstein’s personal island. like 2015.
The financial institution mentioned the investigation, which continues to be ongoing, “doesn’t conclude that Mr. Staley noticed or knew about any of Mr. Epstein’s alleged crimes.”
Fusion Media or any particular person related to Fusion Media won’t be held liable in any method for loss or harm arising from using info, together with knowledge, quotes, charts and purchase / promote alerts contained on this web site. Be totally conscious of the dangers and prices related to buying and selling the monetary markets, it is without doubt one of the most dangerous types of investing.