Barclays boss probed by UK regulator over relationship with Jeffrey Epstein

Barclays boss probed by UK regulator over relationship with Jeffrey Epstein

Barclays boss Jes Staley is being investigated by the UK's financial regulator over the details he provided about his professional relationship with convicted sex offender Jeffrey Epstein during his time at JP Morgan.

Mr Staley was introduced to Epstein while running JP Morgan’s private bank division – and reports about the relationship have arisen in the past six months.

In a statement to the stock market, Barclays said: “As has been widely reported, earlier in his career Mr Staley developed a professional relationship with Mr Epstein.

“In the summer of 2019, in light of the renewed media interest in the relationship, Mr Staley volunteered and gave to certain executives, and the chairman, an explanation of his relationship with Mr Epstein.”

Barclays added that the boss said he had had no contact with Epstein since joining his current employer in December 2015.

The bank added: “The relationship between Mr Staley and Mr Epstein was the subject of an inquiry from the Financial Conduct Authority, to which the company responded.

“The FCA and the Prudential Regulation Authority subsequently commenced an investigation, which is ongoing, into Mr Staley’s characterisation to the company of his relationship with Mr Epstein and the subsequent description of that relationship in the company’s response to the FCA.”

The revelation comes as the bank said pre-tax profits for the year jumped 25% to £4.4 billion, with its preferred measure of “return on tangible equity” up 9%.

Barclays annual report was also published, showing that Mr Staley took home a pay packet of £5.93 million – up from £3.86 million a year earlier.

More in this Section

Video: Food deliveries using drones to begin in Dublin this monthVideo: Food deliveries using drones to begin in Dublin this month

Public fed up with EU warnings over Brexit delays, says Wetherspoons chiefPublic fed up with EU warnings over Brexit delays, says Wetherspoons chief

Coronavirus: Irish bank shares fall as Italy mulls EU budget requestCoronavirus: Irish bank shares fall as Italy mulls EU budget request

UK-EU trade talks set for choppy waters after fishing rowUK-EU trade talks set for choppy waters after fishing row


Lifestyle

The TripAdvisor Travellers’ Choice Awards have been revealed. These are the destinations that came out tops.3 emerging destinations to add to your travel wish list – according to TripAdvisor data

Designers and sustainability advocates are taking note of this eco-friendly material.What is milkweed floss and how can it be used in sustainable fashion?

Living with Van the Man, touring with Hendrix, and launching stellar musical careers, Irish music legend Dave Robinson tells Ed Power some of his tales from the industry.Music legend Dave Robinson talks touring with Hendrix, living with Van and launching careers

If your dog is a fat four-legged friend, here’s how to slim them down, and boost their fitness.Doggy diet: 10 ways to make your pooch healthier

More From The Irish Examiner