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Barclays Financial institution stated on Monday that its chief government, James E. Staley, would step down instantly following the outcomes of an inquiry by British monetary regulators into Mr. Staley’s relationship with the disgraced financier Jeffrey Epstein.
The financial institution stated it realized on Friday of the preliminary conclusions of a virtually two-year investigation by Britain’s Monetary Conduct Authority and the Prudential Regulation Authority into the 2 males’s relationship, which dates again to Mr. Staley’s tenure as the top of personal banking at JPMorgan Chase. Mr. Staley used Mr. Epstein — who killed himself in 2019 after dealing with new allegations of intercourse trafficking of underage ladies — to attach with potential purchasers.
In an announcement, Barclays stated that Mr. Staley agreed to step down as chief government and from his place on the board, and that he supposed to contest the investigation’s findings. It added that the investigation didn’t make any findings that Mr. Staley “noticed, or was conscious of, any of Mr. Epstein’s alleged crimes” and that it was “disenchanted” with the end result.
The Prudential Regulation Authority and the Monetary Conduct Authority declined to offer any particulars about what their inquiry had discovered, saying in a joint assertion that they “don’t touch upon ongoing investigations or regulatory proceedings.”
Mr. Staley beforehand stated that he had been “clear and open” with Barclays about his ties to Mr. Epstein. He might be succeeded as chief government by C.S. Venkatakrishnan, Barclays’ co-president.
In stepping down, Mr. Staley turns into the most recent company chief to undergo penalties from being linked to Mr. Epstein. Amongst others is Leon D. Black, the billionaire who resigned as chairman and chief government of Apollo International Administration after revelations that he had paid greater than $150 million to Mr. Epstein.
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Supply- nytimes