Barclays CEO resigns over ties to Jeffrey Epstein

The CEO of the British bank Barclays, Jes Staley, has decided to resign from the position due to the preliminary conclusions of a report prepared by the financial supervisors of the United Kingdom on his relations with the tycoon Jeffrey Epstein, accused of child abuse. The bank and the executive have stressed that the investigation does not conclude that Staley “saw or was aware of any of the crimes of which Epstein was accused.”

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Epstein was arrested in July 2019 on charges of sexual abuse and trafficking of dozens of girls in the early 2000s. This millionaire, who at some point even rubbed shoulders with personalities such as Prince Andrew of England – Elizabeth’s son II – Bill Clinton, or Donald Trump, was discovered hanged in his New York prison cell in August 2019.

Barclays ‘board of directors has disagreed with the regulators’ findings and has highlighted Staley’s performance since he was appointed CEO of the bank. Following this resignation, CS Venkatakrishnan has taken over as CEO with immediate effect. The executive was until now head of the global markets division and co-chairman of the British subsidiary. Previously, he was the chief risk officer between 2016 and 2020.

The council noted that it had been planning Staley’s succession for some time and that Venkatakrishnan was one of the candidates identified as a possible CEO of the group. The board of directors has decided that Staley will continue to receive his fixed salary of 2.4 million pounds per year (2.83 million euros) for the next 12 months, and that he will maintain the annual contribution of 120,000 pounds (141,708 euros) to your pension plan.

On his side, Venkatakrishnan will receive a fixed salary of 2.7 million pounds (3.19 million euros), of which 50% will be in cash and the other 50% in shares of the bank. The titles will have a maintenance period of five years before they can be sold.


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