Home Financial News Former Barclays CEO Staley fined and banned by UK regulator over Epstein hyperlinks

Former Barclays CEO Staley fined and banned by UK regulator over Epstein hyperlinks

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Former Barclays CEO Staley fined and banned by UK regulator over Epstein hyperlinks

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Jes Staley, former CEO of Barclays, arrives on the places of work of Boies Schiller Flexner LLP in New York on June 11, 2023.

Bloomberg | Bloomberg | Getty Photos

LONDON — Former Barclays CEO Jes Staley on Thursday was fined and banned from holding any place of affect within the U.Okay. monetary providers trade for deceptive the regulator over his relationship with intercourse offender Jeffrey Epstein.

U.Okay. regulator the Monetary Conduct Authority introduced on Thursday that it had determined to positive Staley £1.8 million ($2.21 million) and ban him from holding a senior administration or important affect operate within the sector.

The FCA discovered that Staley “recklessly authorized” a letter despatched by Barclays to the regulator that contained two deceptive statements concerning the nature of his relationship with Epstein and the purpose of their final contact.

Therese Chambers, joint govt director of enforcement and market oversight on the FCA, stated in a press release Thursday {that a} CEO “must train sound judgment and set an instance to workers at their agency.”

“Mr Staley failed to do that. We contemplate that he misled each the FCA and the Barclays Board concerning the nature of his relationship with Mr Epstein,” Chambers stated.

“Mr Staley is an skilled trade skilled and held a outstanding place inside monetary providers. It’s proper to forestall him from holding a senior place within the monetary providers trade if we can not depend on him to behave with integrity by disclosing uncomfortable truths about his shut private relationship with Mr Epstein.”

Staley stepped down as CEO of the British lender in November 2021 following the findings of an preliminary FCA probe into his characterization of his ties with the disgraced former financier, who died by suicide in Manhattan’s Metropolitan Correctional Middle after being charged with little one intercourse trafficking.

The FCA requested Barclays in August 2019 to elucidate what it had performed to fulfill itself that there was no impropriety within the relationship between the 2 males, and Staley authorized a letter suggesting that they didn’t have an in depth relationship.

Emails subsequently emerged during which Staley described Epstein as one in all his “deepest” and “most cherished” pals, the FCA confirmed. Barclays’ letter additionally claimed Staley had ceased contact with Epstein lengthy earlier than he joined the financial institution in December 2015. He was later found to have spoken to Epstein on Oct. 28, 2015.

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