Nov 17, 2021
Top Barclays investors raise alarm over terms of Jes Staley’s exit
Three of Barclays' top-20 shareholders have raised concerns over the terms of Jes Staley's exit ahead of meetings between the bank and investors next week. The Financial Times has reported that when he worked at JPMorgan several years ago Staley exchanged 1,200 emails with Epstein over a four-year period, with content that included unexplained terms such as "Snow white". A lawyer for Staley told the FT last week that he "Had no involvement in any of the alleged crimes committed by Mr Epstein, and code words were never used by Mr Staley in any communications with Mr Epstein, ever". Several have expressed displeasure at the board's decision to allow Staley to retain £2.4m in fixed pay and £120,000 pension entitlement for this year, as well as "Repatriation costs to the US". The Forum's members manage more than $20tn of assets and include top-10 Barclays investors such as BlackRock, Capital Group, UBS Asset Management and Legal & General Investment Management. If Staley is deemed to have misled his employer and regulators, there may also be a case to claw back pay earned during his six years in charge, some investors have said.
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