Jes Staley, who served as CEO of Barclays from 2015 to 2021, had a long personal friendship with Jeffrey Epstein dating back to Staley’s tenure at JPMorgan Chase where he headed the private banking division that managed Epstein’s accounts.
The Relationship
Staley and Epstein met while Staley was running JPMorgan’s private banking unit. Internal JPMorgan emails, later disclosed in litigation, showed Staley referring to Epstein as a close friend. The two exchanged hundreds of messages over the years, and Staley visited Epstein’s properties including Little Saint James island.
Regulatory Consequences
After becoming Barclays CEO, Staley was investigated by the UK Financial Conduct Authority (FCA) for his connections to Epstein. He had initially misled Barclays’ board about the nature of his relationship with Epstein — characterizing it as professional rather than personal.
The FCA investigation, combined with the escalating publicity around the JPMorgan lawsuits, led to Staley’s resignation from Barclays in November 2021. He was later fined £1.8 million and barred from the UK finance industry.
JPMorgan’s Internal Knowledge
The Staley case was significant for the JPMorgan lawsuit brought by the U.S. Virgin Islands and Epstein victims. Plaintiffs argued that Staley’s close relationship with Epstein — known inside JPMorgan — was part of the reason the bank continued the relationship despite compliance red flags. Internal emails showed Staley advocating to keep Epstein as a client.
Broader Significance
The Staley case illustrated how Epstein’s connections extended deep into the leadership of major financial institutions, and how those connections had real regulatory and career consequences for executives even years after Epstein’s death and Maxwell’s conviction.