Barclays PLC chief Staley to step down following Jeffrey Epstein

Barclays PLC (LSE:BARC)’s chief executive Jes Staley is stepping down following an investigation into his relationship with the US financier Jeffrey Epstein by UK regulators.

Epstein was arrested in July 2019 on child sex-trafficking charges and committed suicide while awaiting trial.

READ: Barclays CEO Jes Staley and Jeffrey Epstein – a timeline

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have investigated Staley’s characterisation of his relationship with Epstein to Barclays.

In a statement, Barclays said it had been made aware of the preliminary conclusions of the probe.

“In view of those conclusions, and Mr Staley’s intention to contest them, the board and Mr Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays,” it said.

It has appointed CS Venkatakrishnan as CEO to replace Staley. He was formerly head of global markets and co-president of Barclays Bank.

Barclays noted that the FCA and PRA investigation has not made any findings that Staley saw, or was aware of, any of Epstein’s alleged crimes.

Staley had a business relationship with Epstein while he worked at JP Morgan. Barclays said last year that he had been sufficiently transparent about the relationship.

Barclays said it was “disappointed” at the outcome as it believes Staley has run the group “with real commitment and skill”.