Barclays CEO Resigns... Epstein Involvement Allegations in Minor Sexual Crime

Jes Staley, CEO of the British financial company Barclays
[Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] Jes Staley, CEO of British financial firm Barclays, resigned amid allegations of being involved with American billionaire Jeffrey Epstein, who committed crimes related to the sexual exploitation of minors, CNBC and other media reported on the 1st (local time).

According to reports, CEO Staley stated in a memo sent to employees on the same day, "I can no longer continue with Barclays." C. S. Venkataraghavan, who leads Barclays Bank's Global Markets Division, has been appointed as Staley's successor.

Earlier, the UK's Financial Conduct Authority (FCA) investigated whether the relationship between CEO Staley and Epstein was purely professional and recently released preliminary findings. Although the investigation results have not been disclosed, CEO Staley is reportedly planning to challenge the authorities' findings after his resignation.

Through the media, CEO Staley defended himself by saying that he first met Epstein as a client while leading JP Morgan's Private Banking (PB) business in 2000, and after leaving JP Morgan in 2013, their contact decreased, with no meetings at all since mid-2015.

Barclays stated, "The authorities' investigation results contain no evidence proving that CEO Staley saw or was aware of Epstein's crimes."

Epstein, a former hedge fund manager, was arrested in 2019 on charges of committing sexual crimes against about 20 minors between 2002 and 2005. However, he took his own life in prison before the trial began.

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