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The erstwhile main enforcement of Barclays Bank, Jes Staley, has mislaid a ineligible situation against a 2023 determination by Britain’s fiscal regulator to prohibition him from holding elder fiscal roles successful the United Kingdom for misleading it implicit the quality of his r...
ByPAN PYLAS Associated Press
LONDON -- The erstwhile main enforcement of Barclays Bank, Jes Staley, mislaid a ineligible situation Thursday against a 2023 decision by Britain's fiscal regulator to prohibition him from holding elder fiscal roles successful the United Kingdom for misleading it implicit the quality of his narration with the precocious enactment offender Jeffrey Epstein.
The lawsuit centered connected a missive sent from Barclays to the Financial Conduct Authority successful 2019, which claimed that Staley did not person a “close relationship” with Epstein and that their past interaction was “well before” helium joined the slope successful December 2015.
He near the slope successful 2021 pursuing disapproval of his ties to Epstein, who killed himself successful a national jailhouse successful August 2019, a period aft his arrest connected national enactment trafficking and conspiracy charges
The regulator had recovered that the missive was misleading and that Staley acted “recklessly and without integrity” by allowing it to beryllium sent. Lawyers for the regulator told the tribunal successful March that Staley and Epstein had a “friendship” and maintained interaction done Staley’s girl up to astatine slightest February 2017.
In its ruling, the tribunal said it would person expected Staley, 68, to person been “particularly careful” successful ensuring the missive was accurate, and that his breaches of FCA rules represented “a superior nonaccomplishment of judgment.”
It added that they saw “no basis” connected which it should interfere with the determination to prohibition Staley, which was “a people of enactment reasonably open” to the FCA.
The judgement besides said that Staley had shown “no remorse for his conduct.”
In summation to the ban, Staley, a U.S. citizen, had been fined 1.8 cardinal pounds ($2.5 million) by the regulator. The tribunal did trim that to astir 1.1 cardinal pounds.
Staley's lawyers said that helium “never attempted to conceal" his narration with Epstein, a assertion unanimously dismissed by the three-person tribunal successful London.
Over the people of the proceeding earlier this year, Staley admitted having a adjacent nonrecreational narration with Epstein — helium had acted arsenic a backstage banker to the disgraced financier during his erstwhile clip astatine JP Morgan Chase — but insisted they were not personally close.
Following the FCA’s determination successful Oct. 2023, Barclays said Staley would not beryllium eligible for, oregon would forfeit, bonuses and stock awards totaling 17.8 cardinal pounds. It had already suspended each of Staley’s deferred bonuses and semipermanent stock awards portion the watchdog investigated.
JP Morgan Chase has besides agreed to wage $75 cardinal to the U.S. Virgin Islands to settee claims that the slope enabled Epstein’s sex-trafficking acts. It besides reached a confidential colony with Staley, who it had sued for allegedly concealing his idiosyncratic activities with Epstein from the bank.
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