Nov 1, 2021
Jes Staley leaves Barclays to fight Epstein probe findings
Barclays boss Jes Staley is stepping down in the wake of a regulatory investigation into his characterisation to the bank of his relationship with disgraced financier Jeffrey Epstein "And the subsequent description of that relationship in Barclays' response to the FCA". Barclays and Staley were told of the preliminary conclusions of the investigation by the Financial Conduct Authority and the Prudential Regulation Authority on Friday night. In a statement this morning the bank said that "In view of those conclusions, and Staley's intention to contest them", Barclays and Staley had agreed he would step down as chief executive and as director of Barclays. Barclays says it will pay Staley 12 months' notice - £2.4m in cash and shares and a £120,000 payment for his pension - and repatriation costs consistent with the terms of its directors' remuneration policy. The world's biggest oil exporter held its dividend at $18.8bn despite generating free cash flow of $28.7bn. And shares in Nomura fell almost 8 per cent on Monday, as markets reacted to an after-hours announcement that a surprise writedown had knocked the bank's profits down by 95 per cent, William Langley reports from Hong Kong.
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