Nov 1, 2021 - Economy

Barclays CEO steps down following Jeffrey Epstein investigation

Barclay CEO James Staley speaking in Davos, Switzerland, in January 2020.

Barclay CEO Jes Staley speaking in Davos, Switzerland, in January 2020. Photo: Simon Dawson/Bloomberg via Getty Images

Barclays announced Monday that its CEO, Jes Staley, is stepping down after U.K. financial regulators found that he had a commercial relationship with Jeffrey Epstein, the multimillionaire financier who was accused of child sex trafficking.

Driving the news: Britain’s Financial Conduct Authority and the Prudential Regulation Authority concluded that Stanley used Epstein to connect with potential clients but did not say Staley saw or was aware of any of Epstein’s alleged crimes.

  • The bank said Staley was planning to contest the investigation's findings.
  • Facing sex-trafficking charges, Epstein died by suicide at Manhattan's Metropolitan Correctional Center in August 2019.

What they're saying: "The Board is disappointed at this outcome. Mr. Staley has run the Barclays Group successfully since December 2015 with real commitment and skill," the company said.

  • It said C.S. Venkatakrishnan, Barclays’ co-president, will take over as CEO on Monday.

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