By Sabela Ojea


Barclays PLC said Monday that Chief Executive Jes Staley has agreed to step down from his role amid the probe related to his relationship with the late financier and convicted sex offender Jeffrey Epstein.

The FTSE 100 listed bank said that Mr. Staley intends to contest the Financial Conduct Authority's conclusions regarding his relationship with Mr. Epstein.

C.S. Venkatakrishnan, head of global markets of the bank, will take over as CEO with immediate effect, Barclays said. He will receive a fixed pay of 2.7 million pounds ($3.7 million) a year, delivered 50% in cash and 50% in Barclays shares.

"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," the U.K. lender said.

Barclays said that, since Mr. Staley is entitled to a 12-month notice, he will continue receiving its GBP2.4 million a year fixed pay until Oct. 31, 2022. He will also continue receiving its GBP120,000 a year pension allowance and other benefits, it said.


Write to Sabela Ojea at; @sabelaojeaguix


(END) Dow Jones Newswires

November 01, 2021 03:39 ET (07:39 GMT)

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