UK upholds banking ban on ex-Barclays CEO Jes – Business News
Former Barclays CEO Jes Staley failed on Thursday to skirt a lifelong banishment from the UK banking industry over his ties to Jeffrey Epstein — with a decide ruling the ban was an “inevitable consequence” of his affiliation with the lifeless pedophile.
A UK tribunal upheld the choice by Britain’s high regulator, the Financial Conduct Authority, which ruled in 2023 that Staley, who beforehand had been a high banker at JPMorgan Chase, recklessly misled officers by claiming that he and Epstein weren’t close.
Judge Timothy Herrington ruled that Staley’s achievements on the helm of the British financial powerhouse didn’t reduce the severity of his misconduct.
Jes Staley, seen right here at an earlier listening to on April 2, mentioned he was “disappointed with the outcome” of the tribunal and pointed to his achievements on the helm of the British banking giant. Getty Images
“The loss of his longstanding career is an inevitable consequence of that conduct,” Herrington ruled.
“Bearing in mind the importance of Barclays as a financial institution, this was conduct that could have resulted in confidence in the financial system being adversely affected.”
Herrington added that Staley had “shown no remorse” over the best way he acted in his dealings with the FCA.
The decide did, nevertheless, resolve to scale back a nice slapped on the 68-year-old banker from £1.8 million ($2.47 million) to £1.1 million ($1.5 million).
The Boston-born banker mentioned in a assertion that he was “disappointed by the outcome and the time it took for this process to play out.”
He added: “I have worked tirelessly for my prior employers for the entirety of my career … The Tribunal recognised what they described as ‘my long and distinguished career’.”
Staley, seen right here on the far left, is proven with Jeffrey Epstein (heart) in a photograph dated from 2011. Other figures within the image are Clinton and Obama admin alum Lawrence Summers (second from left) and Microsoft founder Bill (second from proper)
The choice to appeal appeared to backfire for Staley, who admitted during the continuing that he had intercourse with a member of Epstein’s workers in Epstein’s brother’s condo.
The appeal tribunal additionally heard about a string of previously-reported emails between Staley and Epstein, wherein the ex-Barclays CEO described their friendship as “profound”.
In one 2010 electronic mail chain, Staley advised Epstein, “That was fun. Say hi to Snow White.” When Epstein requested, “What character would you like next?” Staley replied, “Beauty and the Beast.”
Epstein’s secretive Caribbean hideaway grew to become often called “Epstein Island”. He held events there for the wealthy and well-known with underaged ladies in attendance. Matthew McDermott
Staley had advised the FCA’s attorneys that he had no recollection of these emails.
Staley’s case centered on a 2019 letter despatched by Barclays Chair Nigel Higgins to the FCA, which approached the British bank after Epstein’s arrest on sex-trafficking expenses.
British regulators mentioned the letter contained two deceptive statements: that Staley “did not have a close relationship” with Epstein and their final contact was “well before he joined Barclays in 2015”.
Staley mentioned each statements have been correct and that he didn’t have the identical relationship with Epstein after he ended his 34-year stint at JPMorgan the place the late intercourse offender was as soon as a main shopper.
An aerial shot of Epstein’s property on Little Saint James, the personal island within the US Virgin Islands, the place he staged events for his uber-rich associates. Shutterstock for NY Post
Judge Herrington disagreed, ruling that “the evidence that Mr Staley had a close relationship with Mr Epstein is overwhelming.”
Staley’s spat with UK financial regulators over the case prompted his shock resignation in November 2021 and a reshuffle of Barclays’ management in what grew to become a tumultuous period for the lender.
Herrington mentioned the messages confirmed that Staley and Epstein had a “close personal relationship” and that Staley’s solutions have been “either evasive or defensive.”
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The Wall Street Journal revealed in April 2022 how the one-time Barclays CEO had travelled to the notorious ‘Epstein Island’ in 2009.
Little St James, within the US Virgin Islands, was the late intercourse pest’s personal hideaway the place he was accused of holding debauched intercourse events with underage women for the wealthy and well-known.
Esptein’s girlfriend, the British media heiress Ghislaine Maxwell, was sentenced to twenty years in jail in 2022 for her position in serving to him abuse younger women.
A 2017 mug shot of Epstein that was taken two years earlier than he was discovered lifeless in his cell as he awaited trial.
The Journal, in its unique story three years in the past, quoted emails between Staley and Epstein from a lawsuit filed within the Caribbean territory that very same yr.
“Presently, I’m in the hot tub with a glass of white wine,” the newspaper quoted Staley as writing to the disgraced moneyman in 2009.
“This is an amazing place. Truly amazing. Next time, we’re here together. I owe you much. And I deeply appreciate our friendship. I have few so profound,” he reportedly advised Epstein.
Epstein was convicted of soliciting a minor for prostitution in 2008 and compelled to register as a intercourse offender.
He was arrested in 2019, accused of orchestrating a scheme to site visitors and sexually abuse women, however was discovered hanging in his cell earlier than he may face trial.
