Jes Staley, previous CEO of Barclays, comes to the workplaces of Boies Schiller Flexner LLP in New York on June 11, 2023.
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LONDON– Former Barclays CEO Jes Staley on Thursday was fined and prohibited from holding any position of impact in the U.K. monetary services market for deceiving the regulator over his relationship with sex wrongdoer Jeffrey Epstein.
U.K. regulator the Financial Conduct Authority revealed Thursday that it had actually chosen to fine Staley ₤ 1.8 million ($ 2.21 million) and prohibit him from holding a senior management or considerable impact function in the sector.
The FCA discovered that Staley “recklessly approved” a letter sent out by Barclays to the regulator which contained 2 deceptive declarations about the nature of his relationship with Epstein and the point of their last contact.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, stated in a declaration Thursday that a CEO “needs to exercise sound judgment and set an example to staff at their firm.”
“Mr Staley failed to do this. We consider that he misled both the FCA and the Barclays Board about the nature of his relationship with Mr Epstein,” Chambers stated.
“Mr Staley is an experienced industry professional and held a prominent position within financial services. It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”
Staley stepped down as CEO of the British lending institution in November 2021 following the findings of a preliminary FCA probe into his characterization of his ties with the disgraced previous investor, who passed away by suicide in 2019 in Manhattan’s Metropolitan Correctional Center after being charged with kid sex trafficking.
The FCA asked Barclays in August 2019 to discuss what it had actually done to please itself that there was no impropriety in the relationship in between the 2 guys, and Staley authorized a letter recommending that they did not have a close relationship.
Emails consequently emerged in which Staley explained Epstein as one of his “deepest” and “most cherished” good friends, the FCA verified. Barclays’ letter likewise declared Staley had actually stopped contact with Epstein long before he signed up with the bank in December2015 He was later on found to have actually spoken with Epstein onOct 28, 2015.
Staley has actually referred the choice to the upper tribunal for factor to consider.
In a market notification Thursday, Barclays stated it had actually identified that Staley ought to be disqualified for or surrender a variety of previous bonus offers and payment awards from the business amounting to ₤178 million.
Barclays decreased to comment even more on the matter.
