Barclays CEO Jes Staley to step down after Epstein probe

Barclays CEO Jes Staley to step down after Epstein probe

LONDON — Barclays CEO Jes Staley will stand down following an investigation into his relationship with Jeffrey Epstein, the financial institution mentioned in an announcement Monday.

“Barclays and Mr Jes Staley, Group Chief Executive, were made aware on Friday evening of the preliminary conclusions from the FCA and the PRA of their investigation into Mr 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,” the assertion mentioned.

“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 financial institution mentioned the investigation had not discovered that Staley “saw, or was aware of, any of Mr Epstein’s alleged crimes.”

Billionaire financier Epstein was arrested in July 2019 on youngster sex-trafficking fees however hanged himself a month later in a Manhattan federal jail.

Barclays mentioned C.S. Venkatakrishnan (referred to as Venkat) will take over as chief government with speedy impact, topic to regulatory approval.

It mentioned its board “has had succession planning in hand for some time, including reviewing potential external appointees, and identified Venkat as its preferred candidate for this role over a year ago, as a result of which he moved from the position of Group Chief Risk Officer to Head of Global Markets.”

Barclays mentioned it was assured that below his management, the financial institution “will continue its strategic direction and improve performance in line with the progress of recent years.”

Prior to becoming a member of Barclays in 2016, Staley labored at JP Morgan Chase from 1994, holding senior roles in asset administration and funding banking.

It is a growing story and will probably be up to date shortly.

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