Jes Staley, the former CEO of Barclays, has been fined £1.8 million ($2.2 million) and barred from holding senior positions in the finance industry by the Financial Conduct Authority (FCA). The decision was announced on Thursday following an investigation into Staley's misleading statements about his relationship with the late sex offender Jeffrey Epstein.
Therese Chambers of the FCA highlighted Staley's imprudent approval of a letter denying a close relationship with Epstein. This contradicted email exchanges where Staley referred to Epstein as a cherished friend. The FCA's provisional decision will also lead Staley to forfeit bonuses and share awards totaling £17.8 million ($21.9 million).
Staley was removed from his position at Barclays in 2021 due to his connections with Epstein. Despite the hefty penalties, Staley retains the right to appeal this decision.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.