Monday, 06 April, 2020


Barclays boss Jes Staley ‘regrets’ long contact with paedo Jeffrey Epstein

Jeffrey Epstein in 2017 New York State Sex Offender Registry via AP file Jeffrey Epstein in 2017 New York State Sex Offender Registry via AP file
Conrad Doyle | 16 February, 2020, 12:42

"Accordingly, Mr. Staley retains the full confidence of the Board", Barclays concluded.

Barclays PLC said United Kingdom regulators are probing the relationship between its American Chief Executive Jes Staley and Jeffrey Epstein, the disgraced financier who died in jail a year ago.

The professional relationship began in 2000 during his days at JPMorgan's private bank, where Epstein was a client. "Mr Staley also confirmed to the board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December 2015".

The Boston-born banker said he "deeply regrets" his friendship with the pedophile who he first met in 2000 when he took charge of JP Morgan's private banking division and Epstein was "already a client" in NY.

Barclays disclosed earlier in the day that its board had looked into media reports on Staley's relationship with Epstein, and probed the chief executive's characterisation of it.

In a statement to the London Stock Exchange, Barclays said that "as has been widely reported, earlier in his career Mr. Staley developed a professional relationship with Mr. Epstein".

United Kingdom regulators launched their investigations into links between Staley and Epstein after JPMorgan Chase & Co's provided them with emails the two exchanged when Staley was the head of JPMorgan's private bank, the Financial Times reported on Thursday (Feb 13).

Barclays paid Staley $7.6 million a year ago, up from his $4.36 million salary in 2018.

Staley is not the first high profile individual to face scrutiny over his relationship with Epstein. "I didn't. For sure, with hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein". "I wonder if he can survive this".

The FCA said at the time that Staley had improperly demanded that the Barclays security team identify the author of the anonymous letter sent to the bank. Barclays was additionally slapped with a $15-million fine by a NY regulator over the scandal.

The results, while continuing many positive themes, were not entirely without blemish, Mould noted. The investment bank, the centerpiece of Staley's strategy since he took over in 2015 - and a frequent target for criticism by activist investor Edward Bramson - posted revenue in line with analysts' estimates.

"Running an investment bank requires a lot of capital and earnings can be volatile".

His bonus also rose to £1.65 million, reflecting the bank's strong annual performance.

Provisions for PPI totalled £1.4bn during the year compared with just £400m in 2018 but the bank believes that, based on the level of complaints it dealt with in the third and fourth quarters, it doesn't need to put aside any more cash.

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