Barclays surprises City as Epstein probe sinks chief executive Staley

BARCLAYS shocked the City today by revealing that chief executive Jes Staley will quit following a probe into the nature of his relationship with Jeffrey Epstein, the American financier and convicted sex offender.

- Simon English

The Financial Conduct Authority (FCA) has been investigating Staley over this matter for two years. The bank and Staley were told on Friday evening about the preliminary findings — which he intends to challenge. Barclays shares took a hit, down 4p to 198p.

Staley had business dealings with Epstein while at JP Morgan in New York. Perhaps crucially, at least one meeting occurred after Epstein already had a conviction. He stayed in touch with Epstein for seven years after the financier had been convicted of soliciting prostitution from a minor in 2008.

Epstein committed suicide in August 2019 while in prison. The investigation focused on “Staley’s characterisation to Barclays of his relationship with the late Mr Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA”.