LONDON - Britain's financial regulators are probing links between Barclays chief executive Jes Staley and the US financier Jeffrey Epstein, who killed himself while awaiting trial on sex trafficking charges, after the Financial Times reported on a trove of emails between the two.
Barclays confirmed the Financial Conduct Authority and the Prudential Regulation Authority were now investigating the matter. The bank did not give further details on the probe. The New York Times last year said that Epstein had referred"dozens" of wealthy clients to Staley when the CEO ran JPMorgan's private banking business.
The probe is the second regulatory investigation into Staley's conduct in recent years, after the FCA and PRA fined him 642,000 pounds in 2018 for trying to identify a whistleblower who sent letters criticizing a Barclays employee."This is clearly a cause for concern for investors; if Mr Staley were forced out it would create significant uncertainty for shareholders," said Peter Parry, policy director at investor group ShareSoc.
Lower-paid employees will see their employer pension contributions rise to 12 per cent while the bank's bonus pool fell 10 per cent.
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