Epstein investigation leads Barclays CEO to resign


Barclays CEO Jes Staley is out after an investigation into his ties to convicted sex offender Jeffrey Epstein.
The bank said Monday it was recently made aware of the preliminary conclusions of a regulatory investigation into the way Staley characterized his relationship with Epstein. "In view of those conclusions," Barclays said Staley will step down as group chief executive.
"It should be noted that the investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein's alleged crimes, which was the central question underpinning Barclays' support for Mr. Staley following the arrest of Mr. Epstein in the summer of 2019," Barclays said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Epstein died by suicide in August 2019 while awaiting trial on sex trafficking charges. British regulators' investigation into Staley was revealed in February 2020, with Barclays saying at the time he "developed a professional relationship with Mr. Epstein" earlier in his career but told the board he didn't have contact with him since becoming CEO in 2015. Staley said last year his relationship Epstein began in 2000 but "tapered off quite significantly" after his time at JP Morgan.
"Obviously I thought I knew him well and I didn't," Staley said, per BBC News. "For sure, with hindsight with what we know now, I deeply regret having any relationship with Jeffrey."
According to The Wall Street Journal, investigators examined visits by Staley to Epstein's private island as part of the probe.
While further information about the conclusions of the investigation wasn't provided, investment and markets analyst Susannah Streeter told CNN that "it appears regulators believe there was a distinct lack of transparency over this relationship," adding the board is looking "to distance Barclays from what could be a long drawn out process." Barclays said Staley is planning to contest the findings of the investigation.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
7 places across the country to experience the best of summer drinking
The Week Recommends Stops include a Basque-inspired spot and a bar where the menu overhauls twice a year
-
Amazon's robotaxi looks to be Waymo's biggest competitor
In the Spotlight The company recently opened a new robotaxi production plant in California
-
Thunder beat Pacers to clinch NBA Finals
Speed Read Oklahoma City Thunder beat the Indiana Pacers in Game 7 of the NBA Finals
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores