Read more about Barclays CEO steps down over Epstein report by UK regulators on Business Standard. C S Venkatakrishnan, head of global markets for the bank, will take over as chief executive; shares take a hit<\/b>
\nThe chief executive of British bank stepped down Monday following a report by United Kingdom regulators into his past links with the late financier and sex offender Jeffrey Epstein. Jes Staley has previously said he \u201cdeeply regrets\u201d his relationship with Epstein, who killed himself at a federal jail in New York in August 2019 while awaiting a sex trafficking trial. There is no suggestion that the 64-year-old Staley knew anything about Epstein\u2019s alleged crimes. Staley said he will contest regulators\u2019 preliminary conclusions, which were shared with him and the bank Friday. The report by the Financial Conduct Authority and the Prudential Regulation Authority examined the way Staley characterized his relationship with Epstein to when he was Epstein’s private banker in his previous job at US investment bank JP Morgan. In a statement Monday, noted that the investigation \u201cmakes no findings\u201d that Staley saw or knew about any of Epstein’s alleged crimes, which it said was „the central question\u201d behind its decision to back its chief executive following Epstein’s arrest in summer 2019. Staley said his last contact with Epstein was in fall 2015, when he and his wife sailed to Epstein’s private island for lunch. That trip occurred sho\u00adr\u00adtly before he joined Bar\u00adclays. He said he had no contact with Epstein once he joi\u00adned the bank in December 2015. CS Venkatakrishnan, head of global markets for the bank, will take over as chief executive. Barclays said succession planning has been in place for some time, and he had been identified as the preferred candidate more than a year ago. Shares in Barclays fell 2% following the announcement, as Staley had been widely credited with doing a good job at the bank. „Barclays is right to pull the plug now,\u201d said Neil Wilson, chief market analyst at Markets.com. \u201cIt probably could have done it earlier.\u201d The bank said Staley will get a 2.5 million pound ($3.5 million) payout and receive other benefits for a year. He also may be eligible to receive repatriation costs to the US and could receive more cash.<\/p>\n