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Barclays CEO Jes Staley Resigns

Following a probe into his ties to late pedophile Jeffrey Epstein, the American CEO of one of Britain’s largest banks announced his resignation on Monday. On Friday evening, Barclays and its CEO, Jes Staley, 64, received “the early conclusions” of the inquiry by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, according to the firm. Because of those conclusions and Mr. Staley’s plan to challenge them, the Board and Mr. Staley have decided that he will stand down as Group Chief Executive and a director of Barclays.

It should be highlighted that the inquiry finds no evidence that Mr. Staley witnessed or was aware of any of Mr. Epstein’s alleged crimes, which was the fundamental question driving Barclays’ support for Mr. Staley after Mr. Epstein’s arrest in the summer of 2019. Nevertheless, the Board is dissatisfied with the result. As a result, according to the bank, CS Venkatakrishnan, the bank’s previous head of global markets, will take over as CEO immediately.

According to the bank’s annual report, Staley, who became CEO in 2015, was paid over $5.5 million in 2020. The firm announced Monday that he will continue to receive his present fixed remuneration of nearly $3.3 million per year until October 2022. Until then, he will continue to receive his pension allowance of more than $160,000, and the bank will cover the cost of his repatriation to the United States. Staley had claimed that he merely had a “business relationship” with Epstein, but he kept in touch with him for years, even after Epstein was found guilty of having sex with young girls.When the Epstein story erupted in 2019 after he was accused of more serious sex offenses and eventually hung himself, Barclays said it confronted Staley about his ties to the perverted moneyman.

In an initial FCA probe, Staley’s information regarding his contact with Epstein was used to defend the banker. However, in 2020, the PRA entered the probe and questioned Staley’s portrayal of his relationship with the disgraced banker.The Boston native had stated that he “truly regrets” his association with the pedophile, whom he met in 2000 when he became head of JP Morgan’s private banking branch and Epstein was “already a client” in New York. Staley said he last spoke with Epstein in the summer and fall of 2015, seven years after he was convicted of sex with a minor and sentenced to prison. After joining Barclays as CEO in December 2015, the banker maintained he had no further communication.

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