Feb 14, 2020

Epstein links leave Barclays boss in precarious spot

On Thursday, the bank revealed that Mr Staley is under investigation by the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority over his "Characterisation" of the relationship with Epstein. The investigation announced on Thursday is not focused on the propriety of Mr Staley's relationship with Mr Epstein but rather on the narrower question of whether he provided the bank and its regulators with a full and accurate account of his links to the disgraced financier, according to three people briefed on it. Three people briefed on the content of the emails said they suggested the relationship between the pair was far friendlier than the professional association described by Mr Staley and subsequently relayed by Barclays to the FCA. The FCA has been assisted by US authorities that investigated Epstein, according to people familiar with the situation, although they said that Mr Staley was not a focus of the separate US investigation. The investigation is the latest development in the unfolding story of Mr Staley's relationship with Epstein, which has dogged the Barclays chief ever since he took charge of the lender with a mandate to fix its ailing investment bank. KKR then accused Mr Staley of using his position at Barclays to support his brother-in-law.

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