Jes Staley – the former Chief Executive of Barclays PLC (LON: LON:BARC) can no longer hold a significant position in the finance industry of the United Kingdom.
Staley fined and banned over ties with Jeffrey Epstein
On Thursday, the Financial Conduct Authority ordered Staley to pay £1.8 million ($2.21 million) in fine for making misleading statements about his relationship with the now deceased sex offender – Jeffrey Epstein.
Additionally, the regulator banned him from serving in a senior management role in the financial services industry. According to Therese Chambers – Join Executive Director of Enforcement and Market Oversight at the FCA:
A CEO needs to exercise sound judgement and set an example to staff at their firm. Mr Staley failed to do this.
Shares of Barclays PLC are down 3.0% at the time of writing.
Barclays' Shocking Verdict: Only A Stock Market Crash Will Stop The Bond Bloodbath https://t.co/Dx1jYZfYmI— zerohedge (@zerohedge) October 5, 2023
Barclays wants Jes Staley to forfeit past bonuses
Staley stepped down as Chief Executive of the London-based bank in November 2021 following an initial probe into his ties with Jeffrey Epstein.
He referred the regulator’s decision of preventing the banker from holding a senior role in the United Kingdom to the Upper Tribunal for consideration on Thursday.
Also today, Barclays said in a market notice that Staley should forfeit past bonuses and compensations worth £17.8 million in total. The multinational did not comment any further on the matter, though.
The announcement arrives only days before Barclays PLC is scheduled to report its third-quarter financial results. JPMorgan (NYSE:JPM) had also agreed last month to a $75 million settlement with the U.S. Virgin Islands on a lawsuit related to its ties with Jeffrey Epstein.