UK regulators share preliminary findings of their multi-year investigation with Barclays after Staley’s departure, in which he told the bank’s board of his relationship with Epstein following his 2019 arrest on sex-trafficking charges .
“The Board is disappointed with this result,” the lender said. The regulators’ findings have not yet been made public. Venkat Said his mentor’s shock departure meant he was handling the British lender “with deeply mixed feelings”. The executive, known as Venkat, said in his first memo as CEO on Monday, “In one of our darkest hours Staley became chief executive of Barclays, and designed and implemented a successful recovery strategy of excellent vision.” ”
Barclays promoted Venkat and global head of banking Paul Compton last year as part of its plan to replace Staley. President Nigel Higgins The bank began looking outside for potential successors in early 2020, according to people familiar with the matter, but halted the process to avoid destabilizing the firm during the pandemic. Barclays confirmed Monday that it had reviewed external candidates, but did not immediately respond to a request for further comment.
Venkat worked with Staley at JPMorgan Chase and was one of his first employees at Barclays, having initially moved on as chief risk officer in 2016. The executive, previously global head of markets, said he would announce changes to the corporate and investment bank. His move has consequences in the days to come.
Epstein was found dead in a prison cell in 2019 after being accused of sex trafficking.
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