Jes Staley Quits After Investigators Dig Into His Relationship With Jeffrey Epstein

One other high-profile businessman bites the mud over ties to the late intercourse offender Jeffrey Epstein.

This time it’s Jes Staley, CEO of the publicly traded U.Okay. financial institution Barclays, which has a market worth north of $45 billion.

On Monday, the financial institution introduced that Staley, an American, will depart each his function and the company board efficient instantly, following the “preliminary conclusions” of an investigation by British regulators into how Staley had characterised his relationship with the disgraced financier to Barclays.

Staley, 64, deliberate to contest the findings, the financial institution stated.

The corporate’s board, which had beforehand backed Staley, introduced in a statement that it was “disillusioned at this final result,” arguing that “Mr Staley has run the Barclays Group efficiently since December 2015 with actual dedication and talent.”

The financial institution added in its assertion that “the investigation makes no findings that Mr Staley noticed, or was conscious of, any of Mr Epstein’s alleged crimes, which was the central query underpinning Barclays’ help for Mr Staley following the arrest of Mr Epstein in the summertime of 2019.”

In accordance with Reuters, which first reported the resignation, Staley has previously expressed remorse for his ties to Epstein.

“I believed I knew him nicely, and I didn’t. I’m positive with hindsight of what everyone knows now, I deeply remorse having had any relationship with Jeffrey Epstein,” he stated final 12 months.

The outlet reported that Staley stated he was stepping all the way down to keep away from making a “distraction” for the financial institution.

The outgoing CEO’s interactions with Epstein have been, at a minimal, a nasty look. Bloomberg reported in 2019 that Staley and his spouse had visited Epstein’s “Caribbean retreat” in 2015; The New York Instances, in the meantime, found that Epstein had referred wealthy shoppers to Staley whereas he labored at JP Morgan within the 2000s. The paper additionally famous that Staley had visited Epstein roughly a decade in the past throughout his sentence for soliciting prostition from a minor.

“The go to occurred at Mr. Epstein’s Palm Seashore workplace, the place he was allowed to serve a part of his 13-month sentence,” The Instances stated.

Epstein reportedly also helped Staley’s daughter, Alexa, rating an invite to Kimbal Musk’s party in 2012.

Staley joins an ignominious collective of males whose careers have been upended over their alleged Epstein connections. That features Victoria’s Secret billionaire Les Wexner, whose basis Epstein helped oversee about 20 years in the past. Amid the fallout, Wexner lately bought a majority stake within the lingerie model’s guardian firm.

Individually, the personal fairness billionaire Leon Black stepped down as CEO of Apollo World Administration in January after an inside report concluded that he had paid Epstein $158 million over a number of years “for property and tax planning recommendation.”

The British royal Prince Andrew has additionally been accused in a lawsuit of sexually assaulting Virginia Roberts Giuffre thrice when she was a minor; she has alleged that Epstein trafficked her to London.

The boys have all denied wrongdoing.

Pretrial hearings within the case in opposition to Ghislaine Maxwell, who allegedly served as Epstein’s “madam,” are at present underway.

As for Barclays, Staley shall be succeeded by C.S. Venkatakrishnan (referred to as Venkat), assuming regulators log out on the appointment. The corporate’s board stated that it has “had succession planning in hand for a while.”

Barclays shareholders evidently aren’t anxious in regards to the shake-up. The inventory was down lower than 1 % as of 10:30 a.m. ET on Monday. | Jes Staley Quits After Investigators Dig Into His Relationship With Jeffrey Epstein


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