The CEO of a major British bank has quit as investigators look into his dealings with sex offender Jeffrey Epstein. Barclays said CEO Jes Staley had not been aware of the sex crime accusations against Epstein.
The British bank Barclays said Monday that its CEO, Jes Staley, resigned following a preliminary investigation into his relationship with convicted sex offender Jeffrey Epstein.
“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,” Barclays said in a statement.
Why did Staley step down?
British financial watchdogs, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), presented the preliminary conclusions of their investigation on Friday.
The report examined the way Staley characterized his relationship with Epstein as his private banker in a previous job, and how Staley described that relationship to Barclays.
The FCA and PRA said in a statement they could not comment further on the Epstein investigation.
“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 bank said.
The head of global markets, C.S. Venkatakrishnan, will replace Staley as CEO with immediate effect, Barclays added.