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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.

Go deeper: U.K. police won't take action against Prince Andrew over sex abuse claim

Go deeper

Updated 4 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.

Updated 8 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.
9 hours ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.