Money & The Economy

Barclays CEO Resigns Over Alleged Ties To Jeffrey Epstein

Barclays chief executive Jes Staley will resign after reports of an investigation into his relationship with Jeffrey Epstein, the bank announced Monday.

Staley will be replaced by C.S. Venkatakrishnan, Barclay’s head of global markets, the bank said in a statement released Monday.

The bank said it was made aware of the preliminary conclusion of the investigation by the U.K’s Financial Conduct Authority and the Prudential Regulation Authority on Friday night, according to the company’s statement.

The investigation was into “Mr Staley’s characterisation to Barclays of his relationship with late Mr Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA,” according to the press release.  The investigation did not find evidence that “Staley saw or was aware of any of Epstein’s alleged crimes.”

In a personal memo sent to Barclays employees, Staley claimed the investigation was about “a professional relationship I developed earlier in my career,” The New York Times reported. “I do not want my personal response to those matters to be a distraction from the fantastic work you do every day to support our customers and clients,” Staley added.

Staley, 64, became CEO of Barclays in October 2015 and said his relationship with Epstein ended in 2015, Reuters reported.

The bank said it organized a succession plan and identified Venkatakrishnan as the preferred candidate over a year ago.

“The Board has long been confident in Venkat’s capabilities to run the Barclays group and is delighted to have such a strong internal candidate,” the company said.

Barclays directed the Daily Caller News Foundation to its Monday statement in response to a request for comment.

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