Feb 17, 2020

Epstein emails led UK regulators to open Staley probe

UK regulators opened an investigation into the links between Barclays chief executive Jes Staley and disgraced financier Jeffrey Epstein after receiving a cache of emails supplied by JPMorgan Chase. The emails between the two men - dating back to Mr Staley's time as an executive at JPMorgan when Epstein was a client of the bank - suggested their relationship was friendlier than claimed by Mr Staley, who had categorised the association as professional, according to three people familiar with the matter. On a call with reporters later on Thursday to discuss the bank's full-year results - overshadowed by the earlier announcement of the probe - Mr Staley said it had been "Very well known" that he had a professional relationship with Epstein dating back to 2000, when he took over JPMorgan's private bank. Mr Staley declined to comment on the reporters' call when asked whether he was happy with the way the bank had described his relationship with Epstein to regulators. The probe turns on whether the letter mischaracterised Mr Staley's relationship as professional, or whether their association was "Chummier", as suggested by the JPMorgan emails, according to one of the people briefed on it.

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