Jes Staley banned from holding senior roles in the UK

Barclays’ former boss has been banned from holding senior positions in the UK after he was judged to have misrepresented his relationship with convicted sex offender Jeffrey Epstein.

Jes Staley has also been fined £1.8m, said the Financial Conduct Authority.

The regulator said Staley, who has denied knowing about Epstein’s crimes, had claimed not to be close to Epstein when emails suggested he viewed him as a “cherished” friend.

Staley intends to appeal the FCA’s decision.

Additionally, Barclays said on Thursday that Staley should not receive bonuses and long-term share incentives totalling £17.8m following the FCA’s findings.

Epstein was convicted in 2008 for soliciting sex from a minor and sentenced to 13 months in prison. He killed himself in 2019 while awaiting trial on sex-trafficking charges.

The regulator said Staley had recklessly approved a letter sent by Barclays to the FCA which contained two misleading statements about his relationship with Epstein.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “A chief executive needs to exercise sound judgement and set an example to staff at their firm. Mr Staley failed to do this.

“We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Epstein.”

She said he could not be relied on “to act with integrity by disclosing uncomfortable truths about his close personal relationship with Epstein”.

In August…