Barclays CEO Jes Staley has resigned after UK regulators investigated his ties to Jeffrey Epstein.
The bank announced Staley’s resignation as CEO – a position he has held since 2015 – after being “made aware” of initial findings from an investigation by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRU) on Friday evening.
Regulators, who investigated what Staley told Barclays and regulators about his relationship with Epstein, made no finding that Staley “saw or was aware of it,” the bank said.
This is the “key question underpinning Barclays’ support” for Staley after Epstein’s arrest in 2019, the bank added.
Barclays said it was “disappointed” with the result, adding that Staley intends to challenge the results.
Staley is entitled to 12 months’ notice from Barclays under his contract and receives annual salary (£ 2.4 million, approximately $ 3.3 million), pension benefit (£ 120,000, approximately $ 164,000) and other benefits.
CS Venkatakrishnan, known as Venkat, will assume the position of CEO and director pending regulatory approval, the bank said.