LONDON – Britain’s monetary regulator stated Thursday that it fined Barclay’s former leader govt Jes Staley 1.8 million kilos ($2.2 million) and banned him from protecting senior monetary roles for misleading it over the character of his courting with the overdue intercourse wrongdoer Jeffrey Epstein.
The Financial Conduct Authority stated in a commentary that Staley, a U.S. citizen, had “recklessly approved” a letter despatched via Barclays to the FCA, which claimed the financial institution’s former boss didn’t have a detailed courting with Epstein.
But in electronic mail messages, Staley described Epstein as considered one of his “deepest” and “most cherished” buddies, in step with the regulator.
“A CEO needs to exercise sound judgement and set an example to staff at their firm,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. “Staley failed to do this. We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Epstein.”
As a consequence, Chambers stated it’s “proper” to stop him from protecting a senior place within the monetary services and products trade.
Staley, 66, was once ousted from Barclays in 2021 over his ties to Epstein.
The FCA’s resolution is provisional and Staley can enchantment at an resulting tribunal.
Barclays stated that following the FCA’s resolution, Staley was once ineligible for, or would forfeit, bonuses and proportion awards totaling 17.8 million kilos (21.9 million).
The banking large had already suspended all of Staley’s deferred bonuses and long-term proportion awards whilst the watchdog investigated.