Departure of Jes Staley comes after regulators share preliminary findings of their probe into his relationship with sex offender
Jes Staley, chief executive officer of Barclays Plca will step down following a probe into his ties to the financier and sex offender Jeffrey Epstein Picture: SIMON DAWSON / BLOOMBERG
Epstein connections also helped spark the exit of one of the biggest names in private equity earlier this year when Leon Black left Apollo Global Management. At Barclays, Staley’s surprise departure caps a tumultuous six years atop the British lender. He fended off a prior regulatory probe and a campaign by an activist shareholder to unseat him over his strategy to bolster Barclays’ investment bank. The Epstein probe has cast a shadow over Staley even as his firm enjoyed record results.
Barclays said in its statement that “the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes”. The bank will continue to pay Staley’s salary of £2.4m and other benefits for the next year and said he’s eligible for repatriation costs to the US. Venkat, one of Staley’s first hires from JPMorgan when he took the top job, has been Barclays’ preferred candidate to take over as CEO for more than a year, according to the bank’s statement.
Staley has said his relationship with Epstein “began to taper off as I left JPM and contact became much less frequent in 2013, 2014,” before ending in 2015 — before he took up his role at Barclays. The board of Barclays did not receive updates on the progress of the investigations once they began, according to a person familiar with the matter.
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