Staley will be replaced as CEO by Barclays' head of global markets C.S. Venkatakrishnan
Staley’s shock departure comes after Barclays was informed on Friday of the unpublished findings of a report by Britain’s Financial Conduct Authority and the Prudential Regulatory Authority into Staley’s characterization of his relationship with Epstein, who killed himself in jail in August 2019 while awaiting trial on federal charges related to sex trafficking.
A college dropout who styled himself as a brilliant financier, Epstein socialized in elite circles, including former and future U.S. presidents. In 2008, he was registered as a sex offender but continued to maintain ties with powerful players in business and finance.Article content “I thought I knew him well, and I didn’t. I’m sure with hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein,” he said at the time.
The FCA and PRA said in a statement they could not comment further on the Epstein investigation, which was launched after JPMorgan provided the regulators with emails between Epstein and Staley from Staley’s time as head of JPMorgan’s private bank, the Financial Times reported last year.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.
If upheld, the probe passes to an independent Upper Tribunal which again can back or reject the findings, the source said, a process that could take months. Barclay’s share price has fallen nine per cent since Staley’s tenure began six years ago, a period not without controversy.
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