Barclays boss quits after probe into Epstein links
THE boss of Barclays will walk with a £2.4million pay-off after resigning over his links with paedophile billionaire Jeffrey Epstein.
Jes Staley, 64, stood down after seeing the first draft of an investigation by City regulators into his dealings with the convicted sex offender.
Prostitution
Barclays yesterday insisted Mr Staley will be contesting the conclusions of the probe.
The American banker kept in touch with Epstein for seven years after he was convicted of soliciting prostitution from a minor in 2008.
Mr Staley’s last contact with him was in the autumn of 2015 – shortly before he joined Barclays. That same year he and his wife sailed to Epstein’s private island for lunch.
His leaving package also includes £120,000 in pension contributions
and money to help him move back to the States.
Mr Staley’s dealings with Epstein date back to 2000 when he was at leading US investment bank JP Morgan, where the disgraced financier was a wealthy client.
Despite his 2008 conviction and the 13 months he served in jail, Epstein maintained contact with a network of influential figures, including Prince Andrew. He was again arrested in 2019 and killed himself that year in a prison cell while facing sex trafficking charges involving underage girls. City watchdog the Financial Conduct Authority and the Prudential Regulation Authority investigated Mr Staley’s “characterisation” to Barclays of his relationship with Epstein.
It is understood their draft findings suggest he played down his role in Epstein’s affairs while acting as his private banker at JP Morgan.
Scandal
Barclays said yesterday: “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.”
The FCA and PRA would not comment at this stage. Susannah Streeter, at broker Hargreaves Lansdown, said: “The repercussions from the Jeffrey Epstein scandal stretch far and wide.”