Subscribe to Entrepreneur for $5
Subscribe

Barclays CEO Jes Staley Steps Down After Epstein Investigation

The bank and Staley were made aware of the investigation's conclusions Friday. 

By

Jes Staley, the American CEO of Barclays, will step aside immediately following a British investigation into his relationship with Jeffrey Epstein. 

Bloomberg | Getty Images

The bank announced Monday that after the investigation by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority, Staley will step down and be succeeded by C.S. Venkatakrishnan, though that is subject to regulatory approval. The investigation focused on how Staley characterized his relationship with Epstein to his employer. 

The bank and Staley were made aware of the investigation’s conclusions Friday. 

“In view of those conclusions, and Mr Staley's intention to contest them, the board [of Barclays] and Mr Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays," said the bank, though the statement noted that the investigation did not find that Staley “saw, or was aware of, any of Mr Epstein’s alleged crimes.” 

Epstein, a billionaire and financier, was found dead in his New York prison cell in August of 2019. He was being held without bail after pleading not guilty to sex trafficking and conspiracy charges. He was accused of paying minors to perform sex acts at his mansions in New York and Florida between 2002 and 2005. Epstein was charged similarly in the early 2000s, but took a secret plea deal in 2008, pleading guilty to a lesser charge.