Investor Turns Heat on Barclays Chairman in Jes Staley Fallout
Under pressure: Nigel Higgins
Barclays chairman Nigel Higgins is facing mounting calls to resign after a prominent shareholder group suggested doubts about his position at the bank.
Former Barclays CEO Jes Staley was fined and banned from the City for misleading regulators and the bank’s board regarding his ties to convicted sex offender Jeffrey Epstein.
A damning report by the Financial Conduct Authority (FCA) revealed that Staley had “recklessly approved” a letter sent by Barclays to the City watchdog in 2019, containing false claims that Staley’s last contact with Epstein had occurred “well before” his appointment as CEO four years earlier.
Critics argue that the board, led by Higgins since May 2019, naively trusted Staley’s assurances. The Mail on Sunday had previously exposed the links between Staley and Epstein three days prior to his appointment in 2015.
The FCA report also disclosed that Staley had informed Epstein about his potential recruitment as CEO four months prior to the official process, when approached by an unnamed board member at Barclays.
An investor advisory group, PIRC, voiced concerns about Higgins’ position and raised questions about which board member had recommended Staley.
Staley was removed as CEO in 2019 and received a £1.8 million fine. He intends to appeal the FCA’s decision. Barclays declined to comment.
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