U.K. regulator just banned former Barclays CEO: find out more

Jes Staley – the former Chief Executive of Barclays PLC (LON: BARC) can no longer hold a significant position in the finance industry of the United Kingdom.

Staley fined and banned over ties with Jeffrey Epstein

On Thursday, the Financial Conduct Authority ordered Staley to pay £1.8 million ($2.21 million) in fine for making misleading statements about his relationship with the now deceased sex offender – Jeffrey Epstein.

Additionally, the regulator banned him from serving in a senior management role in the financial services industry. According to Therese Chambers – Join Executive Director of Enforcement and Market Oversight at the FCA:

A CEO needs to exercise sound judgement and set an example to staff at their firm. Mr Staley failed to do this.

Shares of Barclays PLC are down 3.0% at the time of writing.

Barclays' Shocking Verdict: Only A Stock Market Crash Will Stop The Bond Bloodbath https://t.co/Dx1jYZfYmI

— zerohedge (@zerohedge) October 5, 2023

Barclays wants Jes Staley to forfeit past bonuses

Staley stepped down as Chief Executive of the London-based bank in November 2021 following an initial probe into his ties with Jeffrey Epstein.

He referred the regulator’s decision of preventing the banker from holding a senior role in the United Kingdom to the Upper Tribunal for consideration on Thursday.

Also today, Barclays said in a market notice that Staley should forfeit past bonuses and compensations worth £17.8 million in total. The multinational did not comment any further on the matter, though.

The announcement arrives only days before Barclays PLC is scheduled to report its third-quarter financial results. JPMorgan had also agreed last month to a $75 million settlement with the U.S. Virgin Islands on a lawsuit related to its ties with Jeffrey Epstein.

🚨 #BREAKING: JPMorgan Chase’s ties to Jeffrey Epstein were deeper than the bank acknowledged

One of CEO Jamie Dimon’s top lieutenants reportedly made multiple trips to Epstein’s Manhattan home, even after Epstein became a convicted sex offender.

This close relationship… pic.twitter.com/AnJdPgU1ir

— Nick Sortor (@nicksortor) April 21, 2023