January 22, 2022

Barclay’s CEO Steps Down Amid Jeffrey Epstein Probe

An additional prominent figure caught up in Epstein scandal

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 the fact that investigation makes no results that Mr. Staley noticed, or was aware of, any of  Mr. Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr. Staley following a arrest of Mr. Epstein in the summer of 2019, ” Barclays said in a declaration.

Why do Staley step down?

British financial watchdogs, the  Financial Conduct Expert (FCA) and the Prudential Regulatory Authority (PRA), presented the preliminary conclusions of their investigation  on Friday.

The report  examined the way Staley characterized his romantic relationship with Epstein as his  private banker in a previous job, and how Staley explained that relationship to Barclays.

The FCA and PRA said inside a statement they could not remark further on the Epstein analysis.

“ Because of those conclusions, and Mister. Staley’s intention to contest them, the Board plus Mr. Staley have decided that he will step lower from his role since Group Chief Executive and as a director of Barclays, ” the bank said.

The head of global markets, C. S. Venkatakrishnan, may replace Staley as CEO with immediate effect, Barclays added.

Staley previously said that his final contact with Epstein had been within 2015, before he joined Barclays, but seven years after Epstein’s conviction designed for sex offenses. He furthermore claimed to regret their dealings with the wealthy lender.

The two 1st developed what Staley called a “ professional relationship” in 2000 when the bank became head of personal banking at  JP Morgan Chase, of which Epstein was a client.

One more figure caught up in the Epstein scandal

A number of other high-profile figures have been caught up in investigations over their relations with the convicted sex offender. British royal  Prince Andrew has rejected allegations  of having sex with a minimal while at Epstein’s New York estate.

Germany’s Krauts (umgangssprachlich) Bank was also fined $150 million (€ 130 million) last year for its own “ suspicious” dealings with the financier.

Epstein committed suicide in August 2019  while awaiting trial. He had been accused of trafficking girls as young as 14 to get sex.

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