LONDON: The head of the executive Barclays Jes Staley was to retreat after the government by the British regulator with a bond with sex violators who were sentenced by Jeffrey Epstein, which ended the controversial six-year government in lenders characterized by activist investors on investors.
Staley will be replaced as CEO by the Head of the Global Bank CS Venkatakrishnan, which on Monday promised to continue its predecessor’s strategy.
Barclays said it was aware on Friday night from the initial conclusions of the financial behavioral authority and investigation of prudential regulatory authorities against Staley’s characterization for barclays from their relationship with Epstein and the next description of barclays relations to regulators.
“Given the conclusions, and the intention of Staley to oppose them, the board and Mr.
Staley have agreed that he will resign from his role as the Chief Executive of the Group and as Director of Barclays,” said the bank.
“It should be noted that the investigation did not make the findings that Mr.
Stalley saw, or aware of, one of Mr.
Epstein’s crime, which was the main question that underlies Barclays support for Mr.
Staley after the arrest of Mr.
Epstein in the summer.” Barclays stocks fell 2% After the announcement.
Barclays said last year that the British financial regulator investigated the relationship between Staley and Epstein, who committed suicide while waiting for the trial to the sex trade violation.
Staley previously said his relationship with Epstein, who now he regret, ended at the end of 2015.
FCA and Pre said in a statement they could not comment further about Epstein’s investigation.
Staley told the staff in the internal memo seen by Reuters that he did not want the ‘personal response’ with an investigation to become a nuisance.
“Even though I won’t be with you for the next Barclays’ chapter, knowing that I will support your success from the sidelines,” he said.
In a separate internal memo also seen by Reuters, Venkatakrishnan, known as Venkat, told the strategy staff imposed by Staley at Barclays was “right”, even though he added that he would announce changes in the company’s organization and investment.
Banks in the coming days.
The British regulator launched their investigation into the relationship between Staley and Epstein after JPMorgan gave them an email, two exchanges when Staley was the head of the JPMorgan private bank, the Financial Times reported last year.
The bank’s share price has fallen 9% because Staley becomes CEO in December 2015.
Barclays struggled from the campaign launched by activist investors Edward Bramson in 2018 to eliminate Staley.
Bramson sold his shares earlier this year.
British financial regulators and barclays finch staley a combined 1.1 million pounds ($ 1.50 million) in 2018 after he tried to identify the Whistleblower who sent letters to barclays employees.