Jes Staley: Barclays boss steps down following reported links to Jeffrey Epstein

The boss of Barclays Bank, Jes Staley, has quit ahead of a report by the financial watchdog into his relationship as Jeffrey Epstein’s private banker in a previous job.

A report by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) is due next month, with a first draft sent to Mr Staley last Friday.

After receiving the report, which looked into whether the bank and Mr Staley played down his relationship with Epstein, the chief executive quit the bank and said the conclusions will be contested.

It is understood the early draft suggests he played down his role in Epstein’s affairs while acting as his private banker in a previous job.

Barclays said: “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 bank’s board said it is “disappointed at this outcome”.

Mr Staley will get a £2.5 million payoff and continue to receive other benefits for a year, the bank said.

Jes Staley: Barclays boss steps down following reported links to Jeffrey Epstein.

He will also be eligible to receive repatriation costs to the US and could receive more cash, although no decision has been made.

The FCA and PRA declined to comment.

Mr Staley has previously said he “deeply regrets” his relationship with Epstein, after acting as his private banker while working for JP Morgan, and continuing for seven years after the financier was convicted of sex offences.

His last contact with Epstein had been in 2015, shortly before he joined Barclays, but not before he and his wife sailed to Epstein’s private island for lunch that year.

He said he had no contact with Epstein once he joined the bank in December 2015.

COP26: Union leaders urge world leaders to listen to their voices

He will be replaced at Barclays by CS Venkatakrishnan, who is currently head of global markets for the bank.

He will be paid £2.7 million a year in fixed pay, made up of 50 per cent cash and 50 per cent Barclays shares, alongside a £135,000 pensions contribution.

The new boss could also receive an annual bonus of up to £2.5 million and long-term bonuses in shares worth up to £3.8 million.

A message from the Editor:Thank you for reading this article. We're more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers.

If you haven't already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription.