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A former Barclays CEO, Jes Staley, has not been successful in his attempt to challenge a decision that barred him from holding top financial positions in the UK due to his connections with convicted US sex offender Jeffrey Epstein. Staley was ousted in November 2021 by the Financial Conduct Authority (FCA) after it was discovered that he had not fully disclosed the nature and extent of his relationship with Epstein to both the Barclays board and the FCA in 2019. Despite his claims that he did not try to conceal this relationship, the tribunal has upheld the ban, although they reduced the fine levied on him from £1.8m to £1.1m.
Throughout the tribunal proceedings, Staley insisted that his association with Epstein was professional and not a personal friendship. Epstein, who was involved in sex trafficking and had previously been convicted of soliciting sex from a minor, died by suicide in 2019 while in prison. Staley maintained that he had no knowledge of Epstein’s criminal activities and expressed disappointment with the tribunal’s decision, though he was glad they acknowledged he did not act dishonestly. Staley emphasized his dedication to his previous employers and his contributions to Barclays during challenging times.
The dispute revolved around a letter sent by Barclays’ chair to the FCA, which was found to contain misleading statements approved by Staley, even though he did not personally draft it. The FCA argued that the statements regarding the nature of Staley’s relationship with Epstein were inaccurate. Staley contended that his relationship with Epstein had waned after leaving JPMorgan, where Epstein had been a client. Despite Staley’s claims that his ties with Epstein were not close, emails from JPMorgan suggested otherwise, detailing visits to Epstein’s properties and describing Epstein as a close friend.
Email exchanges revealed Staley’s interactions with Epstein up to the announcement of his role as Barclays CEO in 2015, despite Staley consistently denying any knowledge of Epstein’s criminal actions. The tribunal ultimately upheld the ban on Staley, highlighting the importance of full disclosure in such high-profile positions within the financial sector
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