Barclays chief Jes Staley steps down after Epstein investigation

Barclays chief executive Jes Staley is stepping down after an investigation by the City watchdog over his links to the sex offender and disgraced financier Jeffrey Epstein.

The bank said its board reached an agreement over Staley’s resignation after being notified on Friday of the preliminary conclusions in an investigation by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority into how Staley had characterised his relationship with Epstein to Barclays.

The investigation, which began in late 2019, also looked at the information in light of the fact that it was subsequently shared with the FCA, which covers conduct related issues in the City.

Barclays said that the outgoing chief executive plans to challenge the investigation’s findings.

“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,” Barclays said in a statement on Monday morning.

“The board is disappointed at this outcome. Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill.”

The bank said the investigation did not conclude that 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.”

The FCA and PRA said in a joint statement that they “do not comment on ongoing investigations or regulatory proceedings beyond confirming the regulatory actions as detailed in the firm’s announcement.”