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.
“In view of those conclusions, and Mr. Staley’s intention to contest them, the Board and Mr. Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays,” the company’s statement said.
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“It should be noted that the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr. Staley following the arrest of Mr. Epstein in the summer of 2019,” it continued.
Epstein was a client at JP Morgan, where Staley was an executive before moving to Barclays. Epstein was convicted of sex trafficking a minor in 2008 and died in prison in 2019 while awaiting trial for more sex trafficking charges.
Staley visited Epstein’s private island in 2015, according to the BBC, and reportedly said he would be transparent with Barclays about their relationship. The statement said the board “is disappointed with [the] outcome” of the investigation, suggesting their relationship was closer than Staley previously said.
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Staley is contesting the results of the investigation, and Barclays will continue to pay his salary and benefits for one year.
U.S. Global Marketing Head C.S. Venkatakrishnan is taking over the role as CEO Monday.
Epstein pursued relationships with the rich and powerful, leaving figures such as former president Bill Clinton, Prince Andrew, Bill Gates, and others to face uncomfortable questions about their connections.
