Ex-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 the industry over his links to Jeffrey Epstein. The ruling is a major blow to Staley, who has been fighting to clear his name since he was forced to resign from the bank in 2021.

The case against Staley centered on his relationship with Epstein, which he had downplayed to the board of Barclays. The Financial Conduct Authority (FCA) found that Staley had given “false and misleading” information to the bank about the nature of his relationship with the disgraced financier.

In his appeal, Staley argued that he had not intentionally misled the board and that he had been “shocked” by Epstein’s arrest. However, the Upper Tribunal, which heard the appeal, found that Staley’s evidence was not credible.

The ruling is a victory for the FCA, which has been under pressure to take a tougher line on misconduct in the financial industry. It is also a reminder of the long shadow that the Epstein scandal continues to cast over the world of finance.

The decision is likely to have far-reaching implications for the banking industry, with many firms now reviewing their policies on due diligence and the disclosure of personal relationships.

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