Barclays President Resigns Over Relationship with Epstein

British bank Barclays chief executive Jes Staley resigned before challenging the outcome of an investigation into his ties to Jeffrey Epstein, the financier found dead in prison before his trial on child sex trafficking charges, the bank’s statement said. .

“It should be noted that the investigation does not conclude that Mr. Staley saw or had knowledge of any of Epstein’s alleged crimes,” the statement clarified, justifying “Barclays’ support for Staley after Epstein’s arrest in the summer of 2019.” .

The bank learned on Friday of the preliminary findings of the investigation carried out by the financial authority. “In light of those findings and Staley’s intention to challenge them, the board of directors and Mr. Staley have agreed that he will resign from his position as CEO of the group and as director of Barclays,” the bank said.

The board was unhappy that Statley has led the group “successfully since December 2015 with genuine commitment and competence” and appointed C. S. Venkatakrishnan as his replacement as CEO.

Epstein, a convicted pedophile billionaire who was charged with sex trafficking by US federal prosecutors, died in a New York jail cell in 2019 while awaiting trial.

Staley had led Barclays since late 2015. Prior to that, he worked for more than 30 years at JPMorgan (JPM), where he served as a director of its investment banking division.

Effective November 1, 2021, CS Venkatakrishnan will assume the role of CEO of Barclays, subject to regulatory approval.

 

 

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Barclays President Resigns Over Relationship with Epstein - /10

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British bank Barclays chief executive Jes Staley resigned before challenging the outcome of an investigation into his ties to Jeffrey Epstein, the financier found dead in prison before his trial on child sex trafficking charges, the bank's statement said. .

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