Jes Staley, former CEO of Barclays, arrived at the offices of Boies Schiller Flexner LLP in New York on June 11, 2023.
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LONDON — Jes Staley, the former CEO of Barclays, has been fined and prohibited from holding influential positions in the U.K. financial services industry. This is a result of misleading the regulator regarding his ties with sex offender Jeffrey Epstein.
The Financial Conduct Authority (FCA) in the U.K. announced on Thursday that it has imposed a £1.8 million ($2.21 million) fine on Staley and banned him from holding any senior management or significant influence role in the sector.
The FCA investigation found that Staley “recklessly approved” a letter sent by Barclays to the regulator, containing two misleading statements regarding his relationship with Epstein and the purpose of their last contact.
Therese Chambers, a joint executive director of enforcement and market oversight at the FCA, stated that CEOs need to display sound judgment and set an example for their staff.
Chambers further added, “Mr Staley failed to do this. We believe he provided misleading information to both the FCA and the Barclays Board regarding the nature of his association with Mr Epstein.”
She continued, “Mr Staley is a seasoned professional in the industry and held a prominent role within financial services. It is only appropriate to prevent him from occupying a senior position in this sector if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”
Staley resigned as CEO of Barclays in November 2021 following the initial FCA investigation into his portrayal of his links with the disgraced former financier. Epstein, who was charged with child sex trafficking, died by suicide in Manhattan’s Metropolitan Correctional Center.
In August 2019, the FCA asked Barclays to clarify the steps it had taken to ensure there was no impropriety in the association between Staley and Epstein. Staley approved a letter suggesting they did not have a close relationship.
Later, emails emerged revealing that Staley described Epstein as one of his closest and most cherished friends. Furthermore, the FCA confirmed that Staley had communicated with Epstein on October 28, 2015, despite the Barclays letter claiming he had cut off contact before joining the bank in December 2015.
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