Former Barclays CEO Jes Staley Loses Appeal Against UK Ban Over Epstein Ties

Former Barclays CEO Jes Staley has lost his appeal against a decision by the UK’s financial regulator to ban him from holding senior roles in the financial industry. The ruling is a major blow to Staley, who has been fighting to clear his name after being forced to resign from the British bank in 2021 over his links to Jeffrey Epstein.

The case revolves around Staley’s characterization of his relationship with Epstein to the Barclays board. The Financial Conduct Authority (FCA) found that Staley had given misleading statements about the nature of his relationship with the disgraced financier, which he maintained even after Epstein’s 2008 conviction for soliciting prostitution from a minor.

Staley’s lawyers had argued that the FCA’s decision was based on a flawed understanding of the facts and that he had been transparent with the board. However, the Upper Tribunal, a UK court that hears appeals against FCA decisions, upheld the regulator’s findings.

The tribunal’s decision is a significant victory for the FCA and a clear signal that it will not tolerate a lack of candor from senior executives. It also raises fresh questions about the due diligence processes at major financial institutions and the extent to which they are aware of the private dealings of their top executives.

The ruling is likely to have far-reaching implications for the banking industry, and it will put renewed pressure on other financial institutions to review their own policies and procedures. It is also a stark reminder of the long shadow that the Epstein scandal continues to cast over the world of high finance.

For more on this story, see the original report from Reuters.