Feb 14, 2020

Staley’s Epstein issue is just the latest Barclays tangle

The writer is author of 'The Bank That Lived a Little: Barclays in the Age of the Very Free Market'. Is there a rational explanation for this or is it simply down to bad luck? These questions have returned to the fore now that Barclays has revealed that its current leader, Jes Staley, is under investigation by UK regulators over his "Characterisation" of his relationship with disgraced US financier Jeffrey Epstein, who committed suicide while awaiting trial on sex-trafficking charges. Barclays poached Michael O'Neill from Bank of America to be Mr Taylor's permanent successor in February 1999. After Barclays became the first bank to admit its traders had rigged the ubiquitous interest rate, the BoE insisted Barclays get rid of Mr Diamond. A former JPMorgan investment banker, Mr Staley argues that consumer and investment banking are countercyclical and Barclays needs both.

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