Barclays CEO Jes Staley to Step Down Amid Jeffrey Epstein Probe
November 01 2021 - 03:54AM
Dow Jones News
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 sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 01, 2021 03:39 ET (07:39 GMT)
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