Reuters: “Barclays chief executive Jes Staley is to step down following a probe by British regulators into his ties with convicted sex offender Jeffrey Epstein, ending a controversial six year reign at the lender marked by his successful backing of its investment bank against an activist investor. Staley will be replaced as CEO by the bank’s head of global markets C.S. Venkatakrishnan, who on Monday pledged to continue his predecessor’s strategy. Barclays said it was made aware on Friday evening of the preliminary conclusions from the Financial Conduct Authority and the Prudential Regulatory Authority’s investigation into Staley’s characterisation to Barclays of his relationship with Epstein and the subsequent description of that relationship in Barclays’ response to the regulator.”

“‘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 said. ‘It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.’ Barclays shares fell 2% following the announcement. Barclays said last year that Britain’s financial regulators were probing links between Staley and Epstein, who killed himself while awaiting trial on sex trafficking offences. Staley has previously said his relationship with Epstein, which he now regrets, ended in late 2015. The FCA and PRA said in a statement they could not comment further on the Epstein investigation.”