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Bloomberg
Barclays Chief Executive Officer Jes Staley is stepping down amid a UK regulatory probe into how he characterised his ties to the financier Jeffrey Epstein.
Staley, 64, is leaving, according to a statement. CS Venkatakrishnan, who was promoted last year to run the Barclays markets division and was previously chief risk officer, will replace him as CEO.
The bank was made aware of the preliminary conclusions of regulators “into Staley’s characterisation to Barclays of his relationship with the late Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA,†Barclays said in the statement. “In view of those conclusions, and Staley’s intention to contest them, the board and Staley have agreed that he will step down from his role as group chief executive and as a director of
Barclays.†Staley’s surprise departure caps a tumultuous six years atop the British lender.
Jes Staley fended off a prior regulatory probe and a campaign by an activist shareholder to unseat him over his strategy to bolster Barclays’ investment bank.
The Epstein probe has been running since late 2019, casting a shadow over Staley even as his firm enjoyed record results.