Jes Staley, CEO of Barclays, has stepped down due to pressure from Jes Staley’s relationship with Jeffrey Epstein.
U.K. regulators have taken part in a long-term investigation regarding what Staley told the bank about his relationship with Epstein. After Staley reviewed the findings of the investigation, which led regulators to believe Staley was withholding information about his relationship with Epstein, he agreed to step down. From his position. Since then, Barclays shares have dropped over 1%.
Despite Staley’s resignation, both he and Barclays has refrained from admitting to any wrongdoing in which the bank stated, “Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes.”
Staley intends to contest conclusions made by U.K. regulators but stepped down in order to prevent any possible backlash on Barclays. Mr. Staley wrote an internal memo stating that “I do not want my personal response to those matters to be a distraction from the fantastic work you do every day to support our customers and clients.”
Staley has admitted to having a relationship with Epstein in the early 2000s but tapered off after Staley took the CEO position at Barclays in December of 2015. However, reports have indicated that Staley has visited Epstein’s private island twice with his wife.
U.K. regulators are still unsure as to whether Staley had any incriminating ties to Epstein, however, employees of Staley have expressed concern about the truthfulness of Staley’s statements regarding his relationship with Epstein.
Source: Wall Street Journal
