The controversial ex-CEO of Barclays can pay a serious tremendous after texts and emails confirmed the extent of his relationship with the financier and intercourse offender Jeffrey Epstein.
Jes Staley, who ran the key U.Okay. financial institution between 2015 and 2021, was hit with a £1.8 million ($2.2 million) tremendous by the U.Okay.’s Monetary Conduct Authority (FCA) and banned from holding senior positions within the monetary providers business.
The FCA launched a 79-page file outlining its in depth three-year investigation into the U.S. banker’s ties with Epstein.
Epstein pleaded responsible in 2008 to prices together with soliciting intercourse from women as younger as 14, and was sentenced to 18 months in jail.
He was arrested in July 2019 on federal prices tied to intercourse trafficking however died in custody a month later earlier than the case went to trial. Investigators concluded he died by suicide.
Earlier than his arrest, Epstein stored excessive profile firm, together with Prince Andrew and, because the FCA has concluded, former Barclay’s boss Staley.
‘Recklessly accredited’ letter
The FCA mentioned Staley “recklessly accredited” a 2019 letter despatched by Barclays to the monetary watchdog, which contained two deceptive statements.
Staley had mentioned through the investigations that he by no means had an in depth relationship with Epstein and that his final contact with him was “nicely earlier than he joined Barclays” in October 2015.
Nonetheless, the FCA found a communication line that included 1,100 electronic mail exchanges between 2008 and 2012, throughout which Staley described Epstein as one in every of his “most cherished” mates.
Staley additionally attended Epstein’s island within the U.S. Virgin Islands, a hub for Epstein’s alleged intercourse trafficking operation, in April 2015, his third go to to the island throughout his friendship with Epstein.
In July 2015, Epstein emailed Staley, saying: “higher in the event you not electronic mail me. cellphone solely.” Staley proceeded to ship clean emails to Epstein on two events with the topic headings “Name my cell” and “Name me.”
He resigned in November 2021 after the Barclays board decided his place was “untenable” following a evaluate of the FCA’s preliminary findings from its investigation.
The tremendous is near Staley’s wage of £2.4 million ($2.9 million) whereas he headed the financial institution. Barclays froze payouts to Staley in February final yr whereas the FCA investigated his ties to Epstein, however mentioned it might proceed to pay his wage.
On Thursday, Barclays mentioned that Staley ought to forego bonuses and long-term share incentives value £17.8 million ($21.7 million) within the wake of the FCA’s ruling, the BBC reported.
Staley intends to enchantment the choice.
Representatives for the previous Barclays boss didn’t instantly reply to Fortune’s request for remark.
Nonetheless, in a press release supplied to The Guardian by his legal professionals, Staley mentioned: “If I had recognized who JE [Jeffrey Epstein] actually was, there may be completely little doubt that I wouldn’t be within the place I’m in right this moment. Previous to endeavor my former function, it was recognized that I had had a relationship with JE.
“I’ve labored tirelessly over the past 43 years and have genuinely supported many individuals/social causes, the place others won’t have carried out so. I’m very dissatisfied by the FCA’s resolution and I’ll proceed to problem it. I cannot remark any additional till these proceedings are concluded.”
