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Barclays CEO investigated over Epstein ties

By Hazel Davis

Regulators are looking at how Jes Staley portrayed his relationship with the convicted sex offender

Barclays Plc’s CEO Jes Staley is being investigated over his Jeffrey Epstein connections.

Regulators are checking out how Jes Staley portrayed his relationship with the convicted sex offender who died in prison last year. It’s not the first time the former JPMorgan Chase and Co senior banker has caused controversy for Barclays. In 2018 he was fined by the Financial Conduct Authority and the Prudential Regulation Authority for trying to uncover a whistle-blower.

The fresh news comes as Barclays announces its fourth-quarter results. The bank has clung on to its profitability target for 2020, but has warned of the challenges it will face achieving it.

Jeffrey Epstein died in prison after being arrested for sex-trafficking minors. Staley and Epstein regularly did business from 2000 and had a close professional relationship, Bloomberg reports.

Barclays has confirmed that Staley has volunteered information freely.

“The regulatory review is bound to raise questions regarding potential repercussions for Staley,” said John Cronin, an analyst from Goodbody in Dublin, as reported in Bloomberg. “This could put Barclays on slightly weaker ground in the context of any renewed push on the part of the activist shareholder.”

FURTHER READING: Barclays to take stake in digital receipts start-up Flux

FURTHER READING: UK banks suffer PPI losses

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