Jes Staley’s six years as Barclays CEO brought better results but repeated questions over his judgment. New boss C.S. Venkatakrishnan will target the same strategy with less drama, writes peter_tl ReutersFlasseur
as chief executive of the UK lender on Monday, less than two weeks after it reported a healthy 15% return on tangible equity for the first nine months of the year. However, his six years in charge also brought repeated questions about his personal conduct, culminating in the regulatory probe into his relationship with convicted sex offender Jeffrey Epstein that triggered his departure.executive has delivered much of what he promised since taking over in December 2015.
His personal judgment was more questionable. In 2016 he twice tried to identify a whistleblower who had warned about a senior recruit. That led to a reprimand, lengthy regulatory investigation and 642,000-pound fine. Last year, UK watchdogs opened a new probe into Staley’s characterisation of his relationship with Epstein, who killed himself in 2019 while awaiting trial on sex trafficking offences.
Staley says he had no contact with Epstein after taking charge of Barclays, and the UK Financial Conduct Authority and Prudential Regulation Authority have not published their preliminary findings. However, his decision to step down so that he can contest them implies regulators have serious doubts about his suitability to run a regulated financial institution.
Staley is the third successive Barclays CEO to leave earlier than expected: Bob Diamond resigned in 2012 following the Libor-rigging scandal and Antony Jenkins was forced out three years later. Barclays shares still trade at a discount to book value, suggesting investors think the current capital-markets boom is temporary. New boss C.S. Venkatakrishnan, who previously ran Barclays’ trading division, is likely to stick with his predecessor’s strategy.
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Barclays CEO Jes Staley Steps Down Amid Pressure Over Epstein TiesJes Staley stepped down as chief executive of Barclays under pressure from regulators about how he characterized his relationship with convicted sex offender and financier Jeffrey Epstein.
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Barclays Chief Executive Jes Staley Steps Down Over Epstein InvestigationI am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
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Barclays CEO Jes Staley quits after investigation into links with Jeffrey EpsteinThe American chief executive of Barclays, Jes Staley, is stepping down with immediate effect following an investigation by British regulators into his relationship with disgraced financier Jeffrey Epstein, the bank said on Monday.
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Jes Staley, departing Barclays CEO, will contest Jeffrey Epstein probeBarclays says Staley intends to contest the findings of the investigation, and says he did not see 'or was aware of, any of Mr Epstein's alleged crimes.'
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Barclays CEO Staley leaves due to findings of Epstein probeBarclays said on Monday that chief executive Jes Staley is to stand down following British regulators' investigations into his dealings with Jeffrey Epstein.
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Barclays CEO Jes Staley quits after investigation into links with Jeffrey EpsteinThe American chief executive of Barclays, Jes Staley, is stepping down with immediate effect following an investigation by British regulators into his relationship with disgraced financier Jeffrey Epstein, the bank said on Monday.
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