The former CEO of Barclays has been fined £1.8m after misleading regulators and the bank’s board about his relationship with Jeffrey Epstein.
Jes Staley has also been banned from holding senior management positions in the financial services industry.
According to the Financial Conduct Authority, he “recklessly approved” a letter sent by Barclays to the FCA that included misleading statements about the nature of his relationship with Epstein, and when they last had contact.
FCA joint enforcement director Therese Chambers said: “A CEO needs to exercise sound judgement and set an example to staff at their firm… 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 by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”
A letter sent to the FCA had claimed Mr Staley did not have a close relationship with Epstein, who killed himself in a New York jail cell in 2019 while awaiting trial on sex trafficking charges.
But in emails, the former CEO had described Epstein as one of his “deepest” and “most cherished” friends.
The Bank of England welcomed the decision – and a Prudential Regulation Authority spokesperson said: “It is imperative that senior managers act with integrity and are open and cooperative with the regulators.”
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Mr Staley resigned as Barclays chief executive in 2021 following an investigation into his dealings with the disgraced financier and convicted paedophile.
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