US senator wants urgent answers from Barclays over Jes Staley’s ties to Jeffrey Epstein
Summary
Senator Elizabeth Warren and other US lawmakers have asked Barclays Bank to explain how it managed the ties between its former CEO Jes Staley and Jeffrey Epstein, a convicted sex offender. They want answers about the bank’s investigation and oversight, especially since Staley was banned from working in UK banking for hiding these connections.Key Facts
- Senator Elizabeth Warren sent a letter to Barclays' chair demanding answers about Jes Staley’s links to Jeffrey Epstein.
- Warren and other lawmakers gave Barclays two weeks to respond with details about the investigation.
- Jes Staley was Barclays’ CEO from 2015 until 2021, when he stepped down amid regulator scrutiny.
- Staley had a long relationship with Epstein, whom he met in 2000 while working at JP Morgan.
- Barclays was accused of not properly investigating or verifying Staley’s statements about his Epstein ties.
- The UK Financial Conduct Authority banned Staley from UK banking for downplaying his relationship with Epstein.
- The investigation revealed Staley lost about £18 million in pay and bonuses due to the ban.
- The US lawmakers emphasized the importance of strong management and accountability for banks operating in the US.
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