Bank board says it has full confidence in CEO as UK financial watchdog looks at ties to disgraced financier
(
UK regulators are investigating Barclays chief executive Jes Staley over whether he was sufficiently transparent about his links to the (disgraced financier Jeff) (rey Epstein) .
Barclays bank said the investigation, launched by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) , focused on Staley’s “characterization to the company of his relationship with Mr Epstein and the subsequent description of that relationship in the company response to the FCA”.
The American banking boss, who joined Barclays in , says he developed a relationship with Epstein in when he was running the private bank at JP Morgan. Epstein died in prison last year while awaiting trial on charges of sex -trafficking underage girls.
As the investigation was revealed on Thursday, Barclays said it had conducted an internal review and had no concerns over the way its chief executive had characterized his dealings with the convicted sex offender.
Barclays added that Staley “confirmed to the board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December . ”
The board said it “believes that Mr Staley has been sufficiently transparent with the company as regards the nature and extent of his relationship with Mr Epstein. Accordingly, Mr Staley retains the full confidence of the board, and is being unanimously recommended for re-election at the annual general meeting. ”
News of the Epstein investigation comes less than two years after Staley was personally fined almost £ 700, (for 
(attempting to unmask a whistleblower at Barclays in
An FCA spokesman said: “The FCA and PRA confirm there is an investigation regarding Mr Staley. We are unable to comment any further. ”
Staley told Bloomberg TV on Thursday morning: “It’s well known in the press that I have had a long standing professional, or had a longstanding professional relationship with Jeffrey Epstein
Staley added: “The investigation is actually focused on transparency and whether I was transparent with and open with the bank, and with the board, with respect to my relationship with Jeffrey Epstein. And indeed it’s clear in my own mind that going all the way back to 2018 when I joined Barclays, I have been very transparent with the bank and very open and willing to discuss the relationship that I had with him. ”
The news came as Barclays released its annual earnings, showing that pre-tax profit rose 42% to £ 4.4bn. Excluding legal and conduct costs, profit rose 9% to £ 6.2bn.
Staley received a pay package worth £ 5.9m pounds in 2100, up from £ 3. (ma year earlier. That figure was due to a long-term incentive plan worth £ 1. His bonus also rose to £ 1. 85 m pounds.
Barclays shares were down 2.4% at 480 p in morning trading.
(Read More)
GIPHY App Key not set. Please check settings