Barclay CEO Jes Staley is being probed over hyperlinks to Jeffrey Epstein
Chris Goodney | Bloomberg | Getty Pictures
Media reviews over the past six months had indicated historic ties between Staley and Epstein. In accordance with Barclays on Thursday, Staley developed a “skilled relationship” with Epstein earlier in his profession, however that they had no contact since Staley joined the British financial institution in 2015.
In an announcement issued Thursday, Barclays mentioned the connection between Staley and Epstein is the topic of an ongoing enquiry from U.Okay. regulator the Monetary Conduct Authority, and the corporate had responded.
Barclays additionally carried out its personal assessment and concluded that Staley “has been sufficiently clear with the corporate as regards the character and extent of his relationship with Mr. Epstein.”
In consequence, the financial institution’s board has determined to unanimously recommend the re-election of Staley because the financial institution’s chief government — with the vote due in Might on the firm’s annual basic assembly.
“As has been broadly reported, earlier in his profession Mr. Staley developed an expert relationship with Mr. Epstein. In the summertime of 2019, in mild of the renewed media curiosity within the relationship, Mr. Staley volunteered and gave to sure executives, and the Chairman, a proof of his relationship with Mr. Epstein,” the financial institution mentioned within the assertion.
“Mr. Staley additionally confirmed to the Board that he has had no contact by any means with Mr. Epstein at any time since taking over his function as Barclays Group CEO in December 2015.”
Staley, an American citizen, started working at Barclays in December of 2015. Previous to that he labored for JPMorgan for greater than 30 years and briefly at BlueMountain Capital.
Going ahead, the British financial institution desires to attain a return on tangible fairness above 10%. Nevertheless it mentioned that “given international macroeconomic uncertainty and the present low rate of interest surroundings, it has develop into more difficult to attain this in 2020.”
Staley’s pay can be set to extend to £5.9 million this 12 months, from £3.36 million final 12 months. Shares of the British lender are up by 13.4% over the past 12 months.