After an investigation by the City watchdog into his connections to Jeffrey Epstein, a sex offender, and disgraced financier Jeffrey Epstein, Jes Staley, chief executive of Barclays is resigning.
After being notified Friday by the Financial Conduct Authority and Prudential Regulation Authority of preliminary conclusions from an investigation into how Staley described his relationship to Epstein to Barclays, the bank announced that its board had reached an agreement regarding Staley’s resignation.
The investigation began in late 2019. also examined the information in light the fact it was later shared with the FCA. This covers conduct-related issues in the City.
Barclays stated that the chief executive of the company plans to challenge the findings.
“In light of these conclusions and Mr Staley’s intent to contest them,” Barclays stated in a Monday morning statement.
“The board is disappointed by this outcome. Since December 2015, Mr Staley has managed the Barclays Group with great dedication and skill.
According to the bank, the investigation didn’t prove that Staley saw or knew of any of Epstein’s alleged crimes. This was the key question behind Barclays’ support of Staley after the summer 2019 arrest of Epstein.
In a joint statement, the PRA and FCA stated that they don’t comment on ongoing investigations or regulatory proceedings beyond confirming regulatory actions detailed in the announcement.
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