Barclays is reportedly withholding almost $30 million from its former CEO amid a regulatory investigation into the way he characterized his relationship with sex offender Jeffrey Epstein .
The bank in an annual report said it has suspended bonus and share payments to former CEO Jes Staley that are worth roughly $29 million, CNN reports. The payments have been suspended "pending further developments in respect of the regulatory and legal proceedings related to the ongoing FCA and PRA investigation," Barclays said.
The Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England have been investigating the relationship between Staley and Epstein, the convicted sex offender who died by suicide in 2019 while awaiting trial on sex trafficking charges. In November, Staley resigned as Barclays CEO over the preliminary conclusions of an investigation into the way he characterized his relationship with Epstein.
"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 at the time.
When British regulators opened the investigation, Barclays acknowledged that Staley "developed a professional relationship with Mr. Epstein" earlier in his career. Staley has said he developed this relationship with Epstein when he worked for J.P. Morgan beginning in 2000.
"Obviously I thought I knew him well and I didn't," Staley said. "For sure, with hindsight with what we know now, I deeply regret having any relationship with Jeffrey."