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November 2, 2021

Barclays chief steps down following Epstein probe

By Verdict Staff

Barclays CEO Jes Staley has reportedly stepped down from his role following a controversy over his relationship with financier and convicted sex offender Jeffrey Epstein.

Epstein, who was in jail for charges related to sex trafficking, was found dead in his cell in August 2019.

The resignation comes after the UK’s financial regulators informed the British bank about the findings of a report into Staley’s characterisation of his relationship with Epstein.

The findings, which are part of a multiyear investigation by the UK’s Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), have not been published yet.

Barclays said in a statement: “In view of those conclusions, and Mr Staley’s intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays.”

The bank has named trading chief CS Venkatakrishnan to replace Staley as group chief executive and as a director of the bank.

Venkatakrishnan served as head of global markets and co-president of Barclays Bank since last October. He was also the bank’s group chief risk officer from 2016 to 2020.

Before joining Barclays in 2016, Venkatakrishnan worked at JP Morgan Chase from 1994, where he held several senior roles in the asset management division.

“The Board has long been confident in Venkat’s capabilities to run the Barclays Group and is delighted to have such a strong internal candidate. The Board is confident that Barclays under his leadership will continue its strategic direction and improve performance in line with the progress of recent years,” the bank stated.

In August this year, Barclays said it is planning to infuse more than $400m to its Indian arm as part of a strategy to scale up its operations in the country.

 

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