The chief executive officer of British multinational bank Barclays has stepped down after an investigation was launched into his relationship with disgraced financier Jeffery Epstein.

Jes Staley, who served as CEO since December 2015, is leaving his position effective immediately, the bank announced Monday following a report from the Financial Conduct Authority and the Prudential Regulation Authority. The statement did not comment on the precise nature of the allegations against Staley.