Barclays' previous CEO, Jes Staley, unsuccessful in lifting his ban on leadership positions
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Jes Staley, the ex-CEO of Barclays, recently lost his appeal to overturn a ban on senior leadership roles due to his deception about his ties with Jeffrey Epstein.
The Upper Tribunal found Staley failed to disclose his extensive relationship with the disgraced financier to Barclays before a letter was sent to the Financial Conduct Authority (FCA).
In 2019, the FCA inquired about the relationship between Staley and Epstein. The letter forwarded to the watchdog asserted that Staley did not have a close bond with the child sex offender. However, emails between the two portrayed Epstein as one of Staley's most cherished friends.
Moreover, Staley declared that he had cut ties with Epstein prior to joining Barclays, but traces of communication persisted, even on the days leading up to his appointment as the bank's CEO.
Consequently, the FCA concluded that Staley had recklessly approved a letter sent to the FCA, containing false statements about his bond with Epstein. In 2023, Staley faced a £1.8m fine, and a prohibition order from holding senior positions in the financial sector was imposed.
Staley challenged the decision notice before the Upper Tribunal, which ruled against him in March 2025. The tribunal upheld the ban on senior management roles within the City and lowered the penalty to £1.1m.
Therese Chambers, of the FCA, commented, "Staley took a calculated risk, hoping we would believe his distorted account of his relationship with Epstein. His reckless deception is a stark departure from the high standards we demand of industry leaders."
She added, "Today's decision underscores our commitment to safeguard the financial system by holding accountable those who fall short of our expectations."
The time limit for Staley to file an appeal against this decision to the Court of Appeal will be crucial.
David Hamilton, partner at Howard Kennedy, stated, "This decision marks a major victory for the FCA, highlighting their determination to maintain the integrity of the financial sector."
[1] Staley's relationship with Epstein was more extensive and continued beyond what was portrayed in the letter to the FCA.[2] Email and phone exchanges between Staley and Epstein continued until at least October 2015, shortly before Barclays announced Staley as CEO.[3] Indirect contact was also maintained through Staley's daughter until February 2017.[4] The tribunal found Staley to have knowingly misled the FCA to evade further scrutiny of his association with Epstein.
[1] In contrast to what was asserted in the letter to the Financial Conduct Authority (FCA), Jes Staley's relationship with Jeffrey Epstein was more extensive and continued beyond October 2015, just before Staley was announced as Barclays' CEO.
[2] Apart from direct communication, email and phone exchanges between Staley and Epstein persisted until at least October 2015, and indirect contact was even maintained through Staley's daughter until February 2017. This indicates a business relationship that was not fully disclosed during Staley's tenure as the ex-CEO of Barclays.
