Barclays CEO Retains Board's Trust Over Relationship with Epstein -- Update
February 13 2020 - 3:52AM
Dow Jones News
By Sabela Ojea
--Barclays' board said it has full confidence in Chief Executive
Officer Jes Staley after he described his relationship with Mr.
Epstein
--British regulators are investigating Mr. Staley's and
Barclays' accounts of the relationship
Barclays PLC said Thursday that Chief Executive Officer Jes
Staley retains the board's full confidence despite a U.K.
regulatory investigation concerning his relationship with Jeffrey
Epstein.
The British lender said that earlier in his career Mr. Staley
developed a professional relationship with Mr. Epstein, which last
year he explained to certain executives at Barclays and Chairman
Nigel Higgins.
The board said the explanation was made following media reports
in the past six months that highlighted historical links between
Mr. Staley and Mr. Epstein, who died by suicide last year in a
Manhattan jail cell while facing federal sex-trafficking
charges.
The U.K.'s Financial Conduct Authority and Prudential Regulation
Authority are now investigating how Mr. Staley characterized the
relationship to Barclays and how the company subsequently described
it to the FCA.
The U.K. lender said it will continue to cooperate fully with
the regulatory investigation and noted Mr. Staley had no contact
with Mr. Epstein after becoming CEO in 2015.
"The board believes that Mr. Staley has been sufficiently
transparent with the company as regards the nature and extent of
his relationship with Mr. Epstein. Accordingly, Mr. Staley retains
the full confidence of the Board," Barclays concluded.
Mr. Staley will still be unanimously recommended for reelection
at the next annual general meeting on May, 7, Barclays said.
Shares at 0818 GMT were down 2.66 pence, or 1.5%, at 176.68
pence. Barclays also reported 2019 earnings on Thursday, in which
it said it would be challenging to achieve its returns targets for
2020.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 13, 2020 03:37 ET (08:37 GMT)
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