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2 Months : From Feb 2020 to Apr 2020
By Sabela Ojea
--Barclays' board said it has full confidence in Chief Executive Officer Jes Staley after he described his relationship with Mr. Epstein
--British regulators are investigating Mr. Staley's and Barclays' accounts of the relationship
Barclays PLC said Thursday that Chief Executive Officer Jes Staley retains the board's full confidence despite a U.K. regulatory investigation concerning his relationship with Jeffrey Epstein.
The British lender said that earlier in his career Mr. Staley developed a professional relationship with Mr. Epstein, which last year he explained to certain executives at Barclays and Chairman Nigel Higgins.
The board said the explanation was made following media reports in the past six months that highlighted historical links between Mr. Staley and Mr. Epstein, who died by suicide last year in a Manhattan jail cell while facing federal sex-trafficking charges.
The U.K.'s Financial Conduct Authority and Prudential Regulation Authority are now investigating how Mr. Staley characterized the relationship to Barclays and how the company subsequently described it to the FCA.
The U.K. lender said it will continue to cooperate fully with the regulatory investigation and noted Mr. Staley had no contact with Mr. Epstein after becoming CEO in 2015.
"The board believes that Mr. Staley has been sufficiently transparent with the company as regards the nature and extent of his relationship with Mr. Epstein. Accordingly, Mr. Staley retains the full confidence of the Board," Barclays concluded.
Mr. Staley will still be unanimously recommended for reelection at the next annual general meeting on May, 7, Barclays said.
Shares at 0818 GMT were down 2.66 pence, or 1.5%, at 176.68 pence. Barclays also reported 2019 earnings on Thursday, in which it said it would be challenging to achieve its returns targets for 2020.
Write to Sabela Ojea at email@example.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 13, 2020 03:37 ET (08:37 GMT)
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