Barclays CEO Jes Staley to Step Down After Epstein Investigation -- Update
November 01 2021 - 4:19AM
Dow Jones News
By Sabela Ojea
Barclays PLC said Monday that Chief Executive Jes Staley has
agreed to step down following an investigation into his
relationship with the late financier and convicted sex offender
Jeffrey Epstein.
The FTSE 100 listed bank said that Mr. Staley, who has been at
the helm of Barclays since December 2015, intends to contest the
conclusions made by the Financial Conduct Authority 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.
The board identified Mr. Venkat as its preferred candidate for
the role more than a year ago, as a result of which he moved from
the position of group chief risk officer to head of global
markets.
"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 GBP2.4 million a year in fixed
pay until Oct. 31, 2022. He will also continue receiving its
GBP120,000 a year pension allowance and other benefits, it
said.
"The FCA and PRA [Prudential Regulation Authority] do not
comment on ongoing investigations or regulatory proceedings beyond
confirming the regulatory actions as detailed in the firm's
announcement," the U.K. regulator said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 01, 2021 04:04 ET (08:04 GMT)
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