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Chief Executive of Barclays Steps Down Following Scandal

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Jes Staley announced his resignation as Cheif Executive of Barclays bank on Monday, in the wake of a regulatory investigation into his relationship with the ex-financer and sex offender Jeffrey Epstein.

The investigation was opened on Friday by the Financial Conduct Authority and Prudential Regulation Authority.

The bank made a quick turnaround in response to the investigation, as Staley was due to represent the bank at the COP26 Climate Change Conference in Glasgow this week.

On Monday, the major bank released a statement announcing the resignation:

“In view of those conclusions, and Mr Staley’s intention to contest them, the board and Mr Staley have agreed that he will step down from his role as group CEO and as a director of Barclays”.

Barclays

The statement emphasised the nature of the investigation into Mr Staley as it added;

“It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.”

Barclays

Staley is to be replaced by the Head of the bank Global Markets Trading Unit, CS Venkatakrishnan.

Staley had previously alleged that the relationship between him and Epstein, who died by suicide in 2019, was purely professional. However, emails between Staley and Epstein show a more friendly relationship, with Staley visiting the sex offender in prison following his conviction and maintaining links with his family.

Following the announcement, Barclays stock fell 2.7 per cent, and throughout Staley’s leadership, the banks stock fell 10 per cent overall.

Featured Image Credit – The Guardian

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