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The CEO of Barclays steps down over a report on his ties with Jeffrey Epstein : NPR

Barclays CEO Jes Staley is proven right here in 2019 in New York. The chief govt of Barclays financial institution has stepped down observe what that financial institution’s board described as a “disappointing″ report by the U.Ok.’s Monetary Conduct authority into his previous hyperlinks with the late financier and intercourse offender Jeffrey Epstein.

Evan Agostini/Invision/AP


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Evan Agostini/Invision/AP

LONDON — The chief govt of British financial institution Barclays stepped down Monday following a report by United Kingdom regulators into his previous hyperlinks with the late financier and intercourse offender Jeffrey Epstein.

Jes Staley has beforehand mentioned he “deeply regrets” his relationship with Epstein, who killed himself at a federal jail in New York in August 2019 whereas awaiting a intercourse trafficking trial. There isn’t a suggestion that the 64-year-old Staley knew something about Epstein’s alleged crimes.

Staley mentioned he’ll contest regulators’ preliminary conclusions, which have been shared with him and the financial institution Friday. The report by the Monetary Conduct Authority and the Prudential Regulation Authority examined the way in which Staley characterised his relationship with Epstein to Barclays when he was Epstein’s non-public banker in his earlier job at U.S. funding financial institution J.P. Morgan.

Particulars of the report haven’t been launched, and each regulators have refused to remark.

Barclays mentioned in an announcement Monday that the financial institution and Staley agreed he would resign in gentle of regulators’ preliminary findings and Staley’s choice to struggle them.

The financial institution famous that the investigation “makes no findings” that Staley noticed or knew about any of Epstein’s alleged crimes, which it mentioned was “the central query” behind its choice to again its chief govt after Epstein was arrested in 2019. It would not remark additional.

Staley mentioned his final contact with Epstein was in fall 2015, when he and his spouse sailed to Epstein’s non-public island for lunch. That journey occurred shortly earlier than he joined Barclays. He mentioned he had no contact with Epstein as soon as he joined the financial institution in December 2015.

C.S. Venkatakrishnan, head of world markets for the financial institution, will take over as chief govt. Barclays mentioned succession planning has been in place for a while, and he had been recognized as the popular candidate greater than a 12 months in the past.

Shares in Barclays fell 2% following the announcement, as Staley had been broadly credited with doing a very good job on the financial institution.

Barclays credited him for operating the corporate with “dedication and talent,” serving to rework operations and enhance its outcomes. It added that the regulatory course of nonetheless has to run its course and that “it isn’t acceptable” for the financial institution to remark additional on the preliminary conclusions.

Analysts mentioned that Barclays needed to act due to the potential injury to its repute.

“Barclays is correct to tug the plug now,” mentioned Neil Wilson, chief market analyst at Markets.com. “It in all probability might have achieved it earlier.”

The financial institution mentioned Staley will get a 2.5 million pound ($3.5 million) payout and obtain different advantages for a 12 months. He additionally could also be eligible to obtain repatriation prices to the U.S. and will obtain additional cash.

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