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Jes Staley, Jeffrey Epstein and Barclays: A timeline

·3-min read
Banking giant Barclays has notched up its best-ever nine-month performance (Dominic Lipinski/PA) (PA Wire)
Banking giant Barclays has notched up its best-ever nine-month performance (Dominic Lipinski/PA) (PA Wire)

Jes Staley is leaving Barclays after six years in charge. The bank announced Staley’s intention to step down in a shock announcement on Monday. It comes after he and the bank received the preliminary findings of an investigation by regulators into Staley’s relationship with convicted sex offender Jeffrey Epstein.

Staley first met Epstein when the later was a client of JPMorgan’s private bank. The UK’s Financial Conduct Authority and the Prudential Regulation Authority opened an investigation into the relationship two years ago in the wake of Epstein’s death by suicide. The investigation focused on how Staley characterized his relationship with Epstein.

Here’s a timeline of how the relationship unfolded and led to Staley’s eventual downfall.

1999: Staley is appointed boss of JPMorgan’s private bank -- clients include Jeffery Epstein.

2008: Epstein is imprisoned in Florida for soliciting for prostitution a girl below the age of 18. Staley visited Epstein in prison.

2009: Staley is made boss of the investment banking arm of JPMorgan.

Jan 2013: Staley joins hedge fund Blue Mountain Capital Management.

Apr 2015: Staley visits Epstein’s private island in the Caribbean for several hours with his wife, Bloomberg reports. Staley now says his relationship with Epstein “began to taper off as I left JPM and contact became much less frequent in 2013, 2014” and ended in 2015.

Jul 2015: Barclays board fires CEO Antony Jenkins.

Oct 2015: Barclays hires Jes Staley.

Jun 2016: An anonymous letter is received by Barclays, raising concerns over the appointment of a senior staff member that Staley had hired. The letter, which claimed to be from a shareholder, “John Q. Public”, contained “various allegations, some of which concerned Mr Staley”, it was later revealed. Another letter was later sent that raised questions about the bank’s whistleblowing process.

May 2018: Staley is fined £642,430 by UK regulators the Financial Conduct Authority and the Prudential Regulation Authority and had £500,000 docked from his pay by Barclays over his attempt to unmask the identity of an anonymous whistle-blower, including asking the bank’s security team to track them down. A statement says Staley “failed to act with skill, care and diligence”.

July 2019: Epstein is arrested in New Jersey on sex trafficking charges and jailed in New York.

Aug 2019: Jeffrey Epstein kills himself in prison.

Late 2019: Barclays says Staley “confirmed to the board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays Group CEO in December 2015”.

Feb 2020: Barclays reveals that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) both launched an investigation last year, which is said to be ongoing, into Staley’s “characterisation of his relationship with Epstein to Barclays and the subsequent description of that relationship in the company’s response to the FCA”.

Feb 2020: Staley says the relationship ended in the “middle to fall of 2015”, saying there was no contact after he became chief executive of Barclays in December 2015. “I thought I knew him well, and I didn’t. I’m sure with hindsight of what we all know now, I deeply regret having had any relationship with Jeffrey Epstein,” he said.

Today: Staley leaves Barclays ahead of the publication of the FCA report.

Sources: Proactive Investors, PA

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