Ex-Barclays Bank chief Staley banned from senior UK finance roles


Jes Staley

Staley described Epstein as one of his deepest and most cherished friends, according to the regulator

Britain’s financial regulator said on Thursday that it fined Barclay’s former chief executive Jes Staley 1.8 million pounds (USD 2.2 million) and banned him from holding senior financial roles for misleading it over the nature of his relationship with the late sex offender Jeffrey Epstein.

The Financial Conduct Authority said in a statement that Staley, a US citizen, had recklessly approved a letter sent by Barclays to the FCA, which claimed the bank’s former boss did not have a close relationship with Epstein.

But in email messages, Staley described Epstein as one of his deepest and most cherished friends, according to the regulator.

A CEO needs to exercise sound judgement and set an example to staff at their firm,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. Staley failed to do this. We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Epstein.

As a result, Chambers said it is right” to prevent him from holding a senior position in the financial services industry.

Staley, 66, was ousted from Barclays in 2021 over his ties to Epstein.

The FCA’s decision is provisional and Staley can appeal at an ensuing tribunal.

Barclays said that following the FCA’s decision, Staley was ineligible for, or would forfeit, bonuses and share awards totalling 17.8 million pounds (USD 21.9 million).

The banking giant had already suspended all of Staley’s deferred bonuses and long-term share awards while the watchdog investigated.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 12 2023 | 8:22 PM IST


Source link

Leave a Comment