Epstein case: Barclays CEO under investigation by UK regulator

Posted Feb 13 2020 at 11:08 amUpdated Feb 13. 2020 at 4:42 p.m.

The announcement completely overshadowed Barclays’ rather convincing annual results on Thursday. The British bank said in a statement that its boss Jes Staley was the subject of an investigation by the British regulator for his relations with Jeffrey Epstein, the American sexual predator and ex-financier
who committed suicide last August in prison

.

The Financial Conduct Authority, equivalent to the Autorité des Marchés Financiers en France (AMF), is said to seek to determine the nature of the relationship between the two men, reported by many media since the death of the financier in the cell.

Staley notably visited Jeffrey Epstein in May 2011 with Bill Gates and former Treasury Secretary Lawrence Summers, according to revelations from ”
New york times

»Mid-October. At the time leader of the American bank JPMorgan, he was the interlocutor of the sexual predator, when the latter wanted to participate in the creation of a charitable fund with the support of the bank and the Gates foundation.

Board support

The details of the FCA investigation remain unknown at this time. But Jes Staley received unconditional support from his board of directors. Barclays said the boss had been “transparent enough with the company regarding the nature and extent of his relationship with Mr. Epstein”

“As has been widely reported, early in his career, Mr. Staley developed a professional relationship with Mr. Epstein. During the summer of 2019, in light of the renewed media interest in this relationship, Mr. Staley voluntarily gave an explanation of his relationship to Mr. Epstein to certain executives, and to the president, “said Barclays.

Jes Staley “also confirmed to the board of directors that he had had no contact with Mr. Epstein since he took office as CEO of the Barclays Group in December 2015”. Before the British bank, Jes Staley worked for 30 years at JP Morgan.

Solid results

While his current term ends in May, the latter will be, unless major revelations of the investigation underway, renewed at the head of the British bank. The board of directors having indeed voted unanimously in this sense.

The leader’s results speak for themselves. In a rather delicate banking context, the banking giant released a jump of 54% of its net profit in 2019 to 2.46 billion pounds on Thursday, in line with analysts’ expectations. Despite these positive results, the announcement of the survey raised concern among investors,
the stock falling 2.10% shortly before 11 am on the London Stock Exchange this Thursday

.