Shocking Revelation: Ex-Barclays CEO Banned from UK Banking Over Undisclosed Ties with Epstein
Former Barclays CEO Jes Staley barred from UK banking for concealing ties to Jeffrey Epstein, the disgraced financier
James "Jes" Staley, the former CEO of Barclays and an ex-JPMorgan Chase executive, has been fined £1.8 million ($2.2 million) by the Financial Conduct Authority (FCA) and barred from holding any senior management or influential position in the UK financial services sector. The FCA took this action due to Staley's misleading of regulators regarding his association with disgraced financier Jeffrey Epstein.
Therese Chambers, the FCA's joint executive director of enforcement and market oversight, stated that "A CEO's role involves exercising sound judgment and setting a positive example for the staff in their firm. Unfortunately, Mr Staley did not fulfill this responsibility."
Barclays Plc's CEO, Jes Staley, is seen giving an interview on Bloomberg Television during the third day of the World Economic Forum (WEF) in Davos, Switzerland on Thursday, January 24, 2019. The annual meeting of the WEF brings together global leaders, executives, bankers, and policymakers, and is being held from January 22 to 25. Image credit: Simon Dawson/Bloomberg via Getty Images.
JPMorgan Chase has filed a lawsuit against former executive Jes Staley concerning his association with Jeffrey Epstein. We believe it is necessary to bar him from holding a high-ranking role in the financial services sector since we cannot trust him to act honestly by revealing the uncomfortable realities regarding his intimate connection with Mr. Epstein.
Epstein was found guilty of committing sex offenses in 2008 and later committed suicide in 2019 while being held in custody in New York. He was awaiting trial for additional charges related to the sexual exploitation of underage girls.
According to the FCA, Staley was deemed to have "recklessly" authorized a letter that Barclays sent to the regulatory body. The letter contained two false statements, as stated by the agency.
The FCA stated that, contrary to Staley's claim in his letter responding to an FCA request in August 2019, there is evidence of a close relationship between him and Epstein. Specifically, email correspondence between the two reveals that Staley referred to Epstein as one of his closest and most beloved friends.
The FCA said that Staley, who had previously worked at JPMorgan for 30 years and managed the bank's asset management business, has appealed the ruling and referred it to the Upper Tribunal.
