Question
Why did Jes Staley resign from Barclays?
Answer
Jes Staley resigned as CEO of Barclays on November 1, 2021, after the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) informed Barclays of their preliminary conclusions in an investigation into how Staley had characterized his relationship with Jeffrey Epstein to the bank and its board.
Staley had joined Barclays as CEO in 2015 after a long career at JPMorgan Chase, where he had overseen the private banking division that served Epstein as a client. He maintained contact with Epstein after moving to Barclays.
In 2019, after Epstein’s second arrest, Barclays asked Staley to explain the nature and extent of his relationship with Epstein. Regulators subsequently investigated whether Staley provided an accurate account. Their preliminary findings suggested he had not adequately disclosed the relationship.
Staley resigned while disputing the findings, stating he believed a full review would vindicate him. He did not admit wrongdoing.
JPMorgan later sued Staley in connection with the bank’s service of Epstein as a client, arguing Staley had concealed information about Epstein’s conduct from the bank in order to maintain the relationship. Staley denied those allegations as well.
Sources
- Financial Conduct Authority (FCA) statements, November 2021
- Barclays Board announcement, November 1, 2021
- JPMorgan Chase lawsuit against Jes Staley, 2023