British bank Barclays on Monday mentioned chief govt Jes Staley had give up forward of contesting the end result of a U.Ok. probe into previous hyperlinks with convicted intercourse offender Jeffrey Epstein.
Barclays, which had supported Staley in the course of the investigation, added in an announcement that the preliminary conclusion “makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes.”
The bank added that Staley has been changed by its head of world markets, C.S. Venkatakrishnan.
The assertion added that Barclays and Staley had been made conscious late Friday of preliminary conclusions from the investigation carried out by British monetary watchdogs.
“In view of those conclusions, and Mr. Staley’s intention to contest them, the board and Mr. Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays,” the bank mentioned.
“It should be noted that the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr. Staley following the arrest of Mr. Epstein in the summer of 2019,” it added.
Barclays mentioned it was “disappointed” by the end result, including that “Staley has run the Barclays group successfully since December 2015 with real commitment and skill”.
The bank mentioned Staley was entitled to 12 months’ discover and can proceed to obtain his annual money and shares wage of the equal of $3.3 million plus pension and different advantages.
He’s additionally entitled to repatriation prices to his dwelling nation, the USA.
In a quick assertion, Britain’s Monetary Conduct Authority, whose probe is being carried out together with the Bank of England’s Prudential Regulation Authority, mentioned they “do not comment on ongoing investigations or regulatory proceedings.”
Staley has beforehand mentioned his final contact with Epstein was in 2015.
This was forward of Staley turning into Barclays CEO in December of that 12 months and 7 years after Epstein had been convicted of intercourse offenses.
“For sure, with hindsight with what we know now, I deeply regret having any relationship with Jeffrey,” Staley mentioned final 12 months, having launched into a “professional relationship” with Epstein in 2000.
That was when Staley grew to become head of JPMorgan’s personal bank, of which Epstein was a consumer.
A rich financier, Epstein was discovered lifeless in a federal jail in Manhattan final August whereas awaiting trial on allegations that he trafficked women as younger as 14 for intercourse.
