Barclays CEO resigns after Epstein probe

Barclays chief executive Jes Staley is standing down following British regulators' investigations into his ties with convicted sex offender Jeffrey Epstein.

Barclays said it was made aware on Friday (October 29) evening of the preliminary conclusions of the probe.

It looked into Staley's characterisation to Barclays of his relationship with Epstein, and the subsequent description of that relationship in the bank's response to the regulator.

Barclays said in a statement:

"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 added,

"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."

Staley told staff in an internal memo seen by Reuters that he did not want his 'personal response' to the investigations to be a distraction.

Barclays said last year that Britain's financial regulators were probing links between Staley and Epstein, who killed himself while awaiting trial over sex trafficking offenses.

Staley has previously said his relationship with Epstein ended in late 2015, and that he regretted having any relationship with him.

Barclays shares fell 2% following the announcement.

Staley will be replaced by the bank's head of global markets, C.S. Venkatakrishnan.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting