The Press and Journal (Aberdeen and Aberdeenshire)
Boss of Barclays regrets keeping up Epstein links
● Staley probed on relationship
REVELATION: Barclays boss Jes Staley remained in contact with Jeffrey Epstein after the American’s conviction
Barclays boss Jes Staley has admitted he remained in contact with Jeffrey Epstein for seven years after the American financier had been convicted of sex offences with minors.
The admission comes as the bank confirmed Mr Staley is being investigated by two financial regulators about his professional relationship with Epstein during his time at JP Morgan.
He apologised for the relationship, which he says he “deeply regrets”, adding no contact had been made after he joined Barclays.
Mr Staley was introduced to Epstein while running JP Morgan’s private bank division – and reports about the relationship have arisen in the past six months.
He said yesterday the last contact he had with Epstein was in the summer/autumn of 2015 – seven years after the financier’s conviction for sex offences – adding that he “deeply regrets” the relationship.
But several questions remain unanswered, including why the Barclays boss continued the relationship despite Epstein’s conviction.
Mr Staley said: “It has been very well known I had a professional relationship with Jeffrey Epstein. It goes back to 2000 when I was asked to run the JP Morgan private bank and he was already a client.
“The relationship was maintained during my time at JP Morgan but as I left JP Morgan the relationship tapered off quite significantly.
Obviously I thought I knew him well and I didn’t. For sure, with hindsight, I deeply regret having any relationship with Jeffrey.”
The revelations come after Barclays said the Financial Conduct Authority and Prudential Regulation Authority will investigate the details provided to it by the bank as officials scrutinise their filings over the relationship.
In a statement to the stock market, Barclays said: “As has been widely reported, earlier in his career Mr Staley developed a professional relationship with Mr Epstein.
“In the summer of 2019, in light of the renewed media interest in the relationship, Mr Staley volunteered and gave to certain executives, and the chairman, an explanation of his relationship with Mr Epstein.”
The board said it is confident Mr Staley’s explanation is enough to recommend him for reelection.