Former Barclays and JP Morgan boss Jes Staley is fined £1.8m and banned from the City over the Jeffrey Epstein scandal
Former Barclays boss Jes Staley was today fined £1.8 million and banned from the city after misleading officials about his relationship with Jeffrey Epstein.
Therese Chambers, joint chief executive of enforcement and markets supervision at the FCA, said: “A CEO must exercise sound judgment and set an example for his company’s employees.” Mr Staley has not done this.
“We believe he misled both the FCA and the Barclays board about the nature of his relationship with Mr Epstein.”
“Mr. Staley is an experienced industry professional and has held a prominent position in the financial services sector.
“It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity and reveal uncomfortable truths about his close personal relationship with Mr. Epstein.”
Jes Staley is pictured in January 2018 arriving for a meeting at Downing Street in London, when he was still CEO of Barclays
Staley (far left) is seen in an undated photo with Epstein. From left: Staley, Larry Summers, Jeffrey Epstein, Bill Gates and Boris Nikolic
A spokesman for the Bank of England’s Prudential Regulation Authority said: “We support the FCA’s decision against Jes Staley announced today.”
“It is essential that leaders act with integrity and be open and cooperative with regulators.”