Jun 16, 2020
Top UK bank lobbyist resigns after derogatory comments emerge in Barclays trial
The head of bank lobby group UK Finance has resigned after being dragged into a legal case against his former employer Barclays, which is being sued by financier Amanda Staveley over a cash raise backed by Qatar during the financial crisis. Derogatory comments made by Stephen Jones in 2008 emerged in the first days of testimony from Ms Staveley last week, as part of a lawsuit she has brought against the British bank. Mr Jones - who is also a former chief financial officer of Santander UK, the Spanish bank's British high street arm - offered his resignation as chief executive of UK Finance on Tuesday, which the board accepted. In a statement on Tuesday, Mr Jones said he had apologised to Ms Staveley and colleagues "For the comments made in 2008 and feel at this time it is right I step down from my role at UK Finance". UK Finance was formed in 2017 as the result of a merger between lobby groups the British Bankers' Association, Payments UK, Council of Mortgage Lenders, UK Cards Association and Asset Based Finance Association.
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