Latest news with #JesStaley
Bloomberg
02-07-2025
- Business
- Bloomberg
FCA Says Bullying and Harassment Count as Workplace Misconduct
The UK's Financial Conduct Authority has clarified that serious bullying, harassment and violence in the work place qualify as misconduct at financial firms, behavior that could ultimately lead to a ban from the sector. City firms reported a 72% surge in non-financial misconduct claims over the three years to October. That survey followed several high profile scandals, including sexual assault allegations made against hedge fund manager Crispin Odey and ex- Barclays Plc 's boss Jes Staley's ties to disgraced financier Jeffery Epstein.
The Guardian
27-06-2025
- Business
- The Guardian
Barclays and Jes Staley face fresh lawsuit in US over Epstein link
Barclays and its former chief executive Jes Staley are facing a class action lawsuit in the US over claims they defrauded and misled investors over Staley's relationship with the child sex offender Jeffrey Epstein. A judge in a Los Angeles court denied Staley's request to dismiss the case this week, paving the way for a fresh hearing that continues a long-running legal saga emanating from Staley's statements to regulators and investors over the nature of his ties to the disgraced financier. It is a bruising outcome for the American banker, who lost a legal challenge in the UK on Thursday against the Financial Conduct Authority (FCA), which banned him for life from holding senior management roles in the City in 2023 for misleading the watchdog over his history with Epstein. The US class action suit, led by pension funds in New York and Missouri, alleges that Barclays, its chair, Nigel Higgins, and Staley repeatedly misrepresented Staley's history with Epstein to media and investors, starting in July 2019 – weeks after Epstein was arrested on charges of trafficking underage girls for sex. Court documents allege that this was done in an attempt to protect Barclays' reputation and share price. The plaintiffs claim Barclays downplayed the relationship even after the FCA launched its investigation, which centred on claims made in a letter it received from Barclays in October 2019. That letter claimed that Staley 'did not have a close relationship' with Epstein, and that his last contact with the financier had been 'well before' he joined Barclays four years earlier in 2015. The FCA investigation, triggered by a cache of 1,200 emails from Staley's former employer JP Morgan, concluded that the pair were 'indeed close' and had a relationship that 'went beyond one that was professional in nature'. The latest US lawsuit claims that Barclays, Staley and Higgins misled them even after learning about the FCA investigation. They claim that this continued even after Barclays reviewed the JP Morgan email cache, which 'demonstrated that the two men shared a much closer, personal relationship than defendants acknowledged to the FCA and the public'. The case has been brought by US shareholders and owners of American depository receipts (ADRs), which give investors the chance to own and trade shares in foreign companies on US stock exchanges. They claim they were ultimately defrauded, having learned about the true nature of Staley and Epstein's relationship only after the FCA publicly released findings of its investigation and banned Staley from the City, in October 2023. The news caused the value of their shares and ADRs to drop, resulting in 'significant economic losses.' Staley had resigned from Barclays two years earlier in 2021 over preliminary findings from the FCA's investigation. 'When the FCA privately informed defendants of the outcome of its preliminary investigation, Staley left Barclays. Nevertheless, Barclays publicly continued to minimise the scope of the FCA's investigation into Staley's relationship with Epstein and voiced its support for its former CEO,' court filings by the plaintiffs state. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion That continued, they allege, after damaging details were revealed in a civil suit against JP Morgan, which was accused of banking Epstein while he was sex trafficking women and girls. While the cases were eventually settled, the class action says the evidence presented 'further exposed correspondence between Staley and Epstein that publicly revealed their relationship was more than merely professional – contrary to the assurances defendants made to investors in Barclays securities'. The filings cite the infamous exchange in which the pair refer to Disney princesses in July 2010. 'That was fun. Say hi to Snow White,' Staley wrote. 'What character would you like next?' Epstein asked, to which Staley replied: 'Beauty and the Beast.' The filing states: 'When defendants' deception of the FCA and investors was revealed, the price of Barclays Securities again fell, and investors were further economically damaged.' The plaintiffs are suing Barclays, Higgins and Staley for an unspecified amount, saying they want compensation for 'all damages sustained as a result of defendants' wrongdoing, in an amount to be proven at trial, including interest'. They are also requesting that costs and expenses linked to the trial be covered, on top of 'such other relief as the court may deem just and proper'. The first scheduling hearing in this US class action case, which will start setting out a timetable and deadlines for the legal process, is due to take place on 14 August. A legal representative for Staley declined to comment. Barclays and Higgins declined to comment.
Times
26-06-2025
- Politics
- Times
Banker's reckless endangerment
First, lose your job. Then, lose what's left of your credibility. Jes Staley's decision to challenge his ban by the City regulator over the nature of his relationship with a convicted paedophile may have seen his fine cut by £700,000 to £1.1 million but look what it's really cost the former Barclays bank boss: the career-ending wipeout of his personal integrity. The independent Upper Tribunal has upheld the Financial Conduct Authority's assessment: that Staley had indeed 'acted recklessly' when he signed off on a letter from the Barclays board stating that he did not have a 'close relationship' with Jeffrey Epstein; and that his 'last contact' with the child sex trafficker, found dead in jail in 2019, was not, as the letter claimed, 'well before he joined Barclays in 2015'. Why did Staley think that a legal process would result in any other outcome? It goes back to August 2019, when, in the wake of Epstein's death, the FCA first contacted the Barclays board. And, maybe, its inquiries did turn on a nuanced point: whether Staley had been honest with the board over the length of his relations with Epstein and the extent to which they were professional and/or personal. The judgment notes, too, that for Staley the Barclays letter had only one purpose: to inform the FCA that neither he or the bank 'had had any knowledge of or involvement in Mr Epstein's unlawful conduct'. That wasn't the question, though. And years before his appeal, Staley knew that the FCA had a cache of emails from his former employer, JP Morgan. Did he not guess they'd come out, in gory detail, before the tribunal? One Staley email had him sitting in a 'hot tub with a glass of white wine' at Epstein's ranch near Santa Fe in November 2009, telling him: 'I deeply appreciate our friendship. I have few so profound.' And all after Epstein had been handed an 18-month sentence in 2008 from a Florida court for 'procuring a minor for prostitution'. Then there was 2010's 'that was fun, say hi to Snow White' email; Epstein's in July 2011 forwarding 'a hyperlink to a press article that related to a woman being accused of cutting off her husband's penis using a 10in kitchen knife'; and Staley's in 2015 likening their friendship to the 'strength of a Greek army'. Does that seem like a purely professional relationship? On top, there were the exchanges right up to Staley joining Barclays, plus emails suggesting that as late as February 2017 he was using his daughter Alexa as a conduit to keep 'in contact' with Epstein. Plus, one tribunal bombshell: Staley admitting that, 'much to my embarrassment', he'd had sex with a woman who was a member of Epstein's staff. Throughout, the tribunal found, damningly, that a 'feature of' Staley's evidence was that 'his memory was clear on matters which were helpful to his case, but not so in relation to matters that called for an explanation, particularly in regard to communications with Mr Epstein'. Having also insisted 'contact' only referred to face-to-face meetings, Staley was forced to admit: 'Contact — direct contact is me being in contact with Epstein by email, phone, text et cetera, yes.' True, the FCA does not emerge unscathed. The tribunal was rightly 'critical' of Jonathan Davidson, the regulator's then head of retail supervision, for failing to make 'adequate records' of what exactly he'd even asked Nigel Higgins, the Barclays chairman, to provide. And, while it was his predecessor, John McFarlane, who hired Staley, calling him 'a man of enormous integrity', it was Higgins who batted away the FCA in February 2020 to declare the board's 'full confidence' in Staley. By then, Staley had already been fined £642,400 by City regulators for trying to unmask a whistleblower. And even journalists could spot that the Epstein affair was a breach too far, as pointed out here at the time under the headline: 'Enough is enough: it's time to go'. Staley said he was 'disappointed by the outcome and the time it took for this process to play out'. Yet the evidence, and his dissembling before the tribunal, made the FCA's case for it. He does not come out of it looking like someone to bank on. Hilarious though it is, Nickyl Raithatha is probably hoping for something better from the Moonpig range than the card that goes: 'Oh you're leaving? Thank f*** for that.' Sure, the chief executive, stepping down after seven years, did bring the company to market at 350p a share in 2021, valued at a toppy £1.2 billion. And, after the selling shareholders, including private equity firm Exponent, cashed in £500 million-plus of stock, it's yet to deliver the promised moon. The shares now stand at 221p, down 9 per cent on full-year results that Panmure Liberum analysts called 'a mixed bag' and the news that Raithatha's given 12 months' notice. Yet, to view his tenure only in the context of a lockdown float is unfair. He arrived in 2018, since when sales are up from £85 million to £350 million, adjusted ebitda is up from £16 million to £96.8 million and employees have grown sixfold to around 600. And, today with 12 million active customers, Moonpig is a haven of repeat sales, sending 100 million-plus occasion reminders to drum up new ones. Aged 42, he insists 'it's entirely my decision' to go — and nothing to do with chairwoman Kate Swann, who said 'Nickyl leaves the group in a strong position'. Indeed, the only real glitch was 2022's £124 million acquisition of the Red Letter Days and Buyagift brands to form an experiences wing, where he admits 'the timing was not great' — bought in a cost of living crisis. It's been written down by £56.7 million. Swann thanked him for leading a 'successful IPO' too. But, in share price terms, that's still the bit that's missing. It may fall to Raithatha's successor to prove that Moonpig can yet bring home the bacon.
Yahoo
26-06-2025
- Business
- Yahoo
‘Overwhelming' evidence ex-Barclays CEO was ‘close' to Epstein, tribunal rules
There is 'overwhelming' evidence that former Barclays chief executive Jes Staley had a close relationship with convicted paedophile Jeffrey Epstein, a tribunal has ruled. Mr Staley was fined £1.8 million and banned from holding senior roles in the financial sector by the Financial Conduct Authority (FCA) in 2023, after it found that he misled the regulator over the nature of his relationship with the financier. The American challenged the ban and the fine at the Upper Tribunal in London, with his lawyers saying that he 'never attempted to conceal his relationship with Mr Epstein', which the banker described as 'professionally fairly close' but not 'personally close'. The FCA opposed the challenge, telling a hearing held in March and April that Mr Staley and Epstein had a 'friendship'. In a unanimous decision on Thursday, Upper Tribunal judge Tim Herrington and tribunal members Martin Fraenkel and Cathy Farquharson dismissed Mr Staley's challenge, but reduced the fine to £1,107,306.92. They said: 'We regard the distinction between a close relationship which arises out of personal friendship and one that arises out of a professional relationship as being fallacious.' They continued: 'In our view, the evidence that Mr Staley had a close relationship with Mr Epstein is overwhelming and there was no evidence before us to suggest that many others had a relationship which was similar in nature to that we have found existed between Mr Staley and Mr Epstein.' They added: 'In our view, there is no basis on which Mr Staley could have drawn the conclusion that inclusion of the 'no close relationship language' was accurate.' Mr Staley acted as a private banker to Epstein during his time at JP Morgan, where he worked for more than 30 years before joining Barclays in 2015. In 2019, Epstein was arrested again after being jailed for child sex offences in 2008. He died in prison later that year while awaiting trial for sex trafficking offences. Leigh-Ann Mulcahy KC, for the FCA, told the tribunal in written submissions that the watchdog contacted Barclays in August 2019 for an 'assurance' that the bank's board had 'informed itself of and was comfortable regarding any association of Mr Staley or Barclays with Mr Epstein'. In a letter written to the FCA, approved by Mr Staley, Barclays chairman Nigel Higgins said 'Jes has confirmed to us that he did not have a close relationship with Mr Epstein' and that 'Jes' last contact with Mr Epstein was well before he joined Barclays' in 2015. The authority found that the letter was misleading and that Mr Staley acted 'recklessly and without integrity' by allowing it to be sent, with Ms Mulcahy telling the hearing that the pair maintained contact through Mr Staley's daughter up to at least February 2017. The barrister said emails showed Mr Staley describing Epstein as like 'family' and one of his 'deepest' and 'most cherished' friends, and that between March 2016 and February 2017, Mr Staley's daughter, Alexa Staley, was used as an intermediary. In a witness statement, Mr Staley told the tribunal that he would describe his relationship with Epstein as 'professionally fairly close' and that his reputation had been 'irretrievably damaged'. He said: 'It was a professional relationship which was predicated upon business. We were not personal friends, nor were we personally close.' Giving evidence in person at the tribunal, Mr Staley said he 'was not aware' of Epstein's abuse. He said: 'I think it was important to emphasise that it was a professional relationship because I think somebody with a very close personal relationship more than likely would have been aware.' In written submissions, Robert Smith KC, for Mr Staley, said that it would be 'entirely illogical' to conclude that Mr Staley would have approved the letter if he believed it was inaccurate or would mislead the regulator. But in their 93-page ruling, Judge Herrington, Mr Fraenkel and Ms Farquharson said it was 'not credible that Mr Staley did not think that the letter would mislead' the FCA. They continued that they 'would have expected Mr Staley to have been particularly careful' in ensuring the letter was accurate, and that his breaches of FCA rules were 'a serious failure of judgment'. The judges concluded that they saw 'no basis on which we should interfere' with the decision to ban Mr Staley, who they said had 'shown no remorse for his conduct'. But they reduced Mr Staley's fine to reflect the fact that, after the FCA published its decision in 2023, Barclays prevented him from deferring shares to which he could have been entitled. Following the ruling, Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: 'Mr Staley chose to take a calculated risk that we would take his inaccurate account of his relationship with Mr Epstein at face value. 'He hoped that the truth would never come to light and that he would get away with it. Such a serious lack of integrity flies in the face of the requirements we place on those at the top. 'The tribunal's decision shows that we can and will act to protect the financial system by holding those in senior roles to the high standards required of them.' The FCA added that Mr Staley has 14 days in which to appeal against the ruling. Sign in to access your portfolio
The Guardian
26-06-2025
- Business
- The Guardian
High flyer to pariah: the saga of Epstein-linked banker Jes Staley
In 1999, the future Barclays chief executive Jes Staley was gearing up for his biggest job yet. As head of JP Morgan's private bank, he would be in charge of a sprawling team that managed money and investments for some of the world's richest people. Among them was the mysterious but well-connected billionaire Jeffrey Epstein, with whom he would quickly develop a 'fairly close professional relationship'. Staley was soon holidaying on Epstein's private island, flying on his private plane, and gaining access to an impressive portfolio of ministers, entrepreneurs and royalty. The relationship ended up bolstering Staley's profile on Wall Street and even connecting his daughter to senior figures at Ivy League universities. But it would also help to end his career. In July 2019 Epstein was arrested on child sex trafficking charges, accused of sexually exploiting and abusing dozens of girls at homes in Manhattan and Palm Beach, Florida. Some victims were as young as 14, US prosecutors alleged. Epstein, who was in jail as he awaited trial, was found dead in his prison cell weeks later. The revelations about Epstein led to a media storm, bringing renewed attention to his former friends and business associates, including Staley. Barclays told the Financial Conduct Authority in October 2019 that the pair 'did not have a close relationship' and were last in contact 'well before' Staley took over as CEO four years earlier. But a subsequent FCA investigation, involving a cache of 1,200 emails from JP Morgan, convinced the regulator that it had been misled. The regulator alleged that the pair were indeed close friends and stayed in touch via Staley's daughter for years after he joined Barclays. It was not Staley's first run-in with the FCA, having been fined £642,000 for trying to unmask a whistleblower in 2018. But it was the final straw: he was banned from the holding senior management roles in the City in 2023, leading to him lose about £18m worth of pay. The 68-year-old fought back in an appeal this spring, arguing that he had always been transparent with Barclays and had followed internal legal advice on the letter's phrasing, which was meant to emphasise that he had no knowledge of Epstein's crimes. Judges on Thursday ruled in the FCA's favour, upholding the lifetime City ban. March's two-week tribunal hearing in London also gave the first public account of Epstein's role in Staley's life. This is what the court heard. The pair did not meet by chance, but on the recommendation of JP Morgan's then chief executive, Douglas 'Sandy' Warner, who felt that Epstein – already a client – was someone the newly appointed head of the private bank should know. The two men 'got on well', according to Staley's lawyers, and Epstein's career-boosting potential quickly became clear. He would refer wealthy friends to Staley, many of whom turned into JP Morgan clients. The pair occasionally socialised, Staley said, explaining that he would sometimes swing by Epstein's home in Manhattan for a drink or dinner. And, from 2005, he took his family on the first of a handful of trips to Epstein's private Caribbean island, Little St James. But Staley was adamant that Epstein was never part of his inner circle, was never invited to the family home, any 'milestone birthdays', or 'personal meals in restaurants'. Staley said he had few personal friends and remains a loner. 'From what I recall, Jes didn't have very many friends,' his former chief of staff Sasha Wiggins told the court in March. And Staley said parts of Epstein's life always remained a mystery. 'I really didn't know how much money he had,' Staley said. 'What his background was, was always sort of shrouded.' But by 2006, the mask started to slip when Epstein was arrested after Florida police were tipped off that he was recruiting young girls for massages and sexual encounters. He pleaded guilty to soliciting prostitution from a minor and in 2008 he was sentenced to 18 months in jail. Staley stayed in contact, though, and visited Epstein after his indictment. He said Epstein did not deny that he solicited a prostitute, but maintained that he thought the girls were over 18. 'Obviously he lied to me,' Staley told the court in March. He again visited Epstein in around 2009, when he was on a prison work release programme in Florida. Staley said he reported the visit to JP Morgan, which was reviewing whether to keep Epstein as a client. But emails suggest he had been leaning on the imprisoned Epstein for advice throughout the financial crisis, writing in October 2008: 'I am dealing with the Fed on an idea to solve things. I need a smart friend to help me think through this stuff. Can I get you out for a weekend to help me (are they listening?)' The court heard that Staley turned to Epstein to help connect his daughter – a burgeoning physics major – with scientists and senior professors at Ivy League universities. The financier, who Staley referred to as 'Uncle Jeffrey', would later be invited to her graduation in 2015. Staley stressed that he did not then know of Epstein's crimes. 'Mr Staley said to me once: 'Why would I have introduced my wife and daughters to Mr Epstein if I thought he was a paedophile?'' Wiggins told the court. When Epstein was released on house arrest in July 2009, Staley was one of the four people he emailed to say: 'Free and home.' Staley replied: 'I toast your courage !!!!!' But more cryptic messages between the two stirred the most controversy, including an exchange about Disney princesses in July 2010. 'That was fun. Say hi to Snow White,' Staley wrote. 'What character would you like next?' Epstein asked, to which Staley replied: 'Beauty and the Beast.' 'Well one side is available,' Epstein responded. Staley told the court he was not able to explain the exchange. Months earlier, in September 2009, Epstein emailed a woman to say: 'Jes staley is staying at the berkeley hotel in London tonight.' Staley said he could not recall the reason behind the message. That year Staley's career took another leap, with his promotion to lead JP Morgan's investment bank. Even the chief executive, Jamie Dimon, was singing his praises, telling Fortune magazine: 'Jes has impeccable character and integrity.' The new gig meant Epstein was no longer a direct client. But that did not end their relationship, or Staley's effusive messages. In November 2009, Staley detoured from a work trip to visit Epstein's ranch in New Mexico, replete with a 26,700-square-foot mansion, private airstrip, and seven-bay heated garage. He emailed Epstein in thanks: 'So when all hell breaks lose [sic], and the world is crumbling, I will come here, and be at peace. Presently, I'm in the hot tub with a glass of white wine. This is an amazing place … I owe you much. And I deeply appreciate our friendship. I have few so profound.' In December, months after Epstein's release, the pair finally found time to meet in person. 'I realize the danger in sending this email. But is [sic] was great to be able, today, to give you, in New York City, a long heartfelt hug. To my friend, Thanks. Jes.' At times, their emails were more explicit: discussing sex scandals and lovers. One message, sent from a debutante ball that Staley attended in November 2010, told Epstein that Staley had seen a woman – 'your lover,' Staley said, 'she says u slept with her!!' Epstein separately sent photos, one of which was of a woman in a low-cut ballgown. 'You were with Larry, and i had to put up with …' Epstein wrote. When FCA lawyers suggested that this interaction was a sign that he and Epstein were 'personally close', Staley suggested that such behaviour was not uncommon between people who were 'professionally close – you know, if you've ever worked on a trading floor on Wall Street'. Staley said there were also parts of his life he kept from Epstein, including having sex with a member of Epstein's staff. 'Oftentimes I would go to Epstein's apartment and he would be late, and she and I got the chance to know each other.' This led to sexual intercourse, he said, 'much to my embarrassment today'. The former banker, who has a wife and two daughters, said the confession came at a personal cost. 'I have been honest such that I have put my marriage at risk … I have never shied away from telling the truth about all of this.' The date of the encounter was not disclosed in court, but the FCA revealed that Epstein's former employee had 'carved' Staley out of a settlement she had reached with Epstein's estate. 'I was not aware of that,' Staley told the court. Despite the allegedly secret encounter, Epstein and Staley would send messages declaring their close ties, referring to each other as family. In one exchange in March 2011, Epstein writes: 'Told you −−−− family.' Staley replied with one word: 'Family'. Behind the scenes, Epstein's banking relationship with JP Morgan was starting to unravel. The bank was considering dumping Epstein as a client but was careful about breaching the issue with Staley, saying they were friends. 'He needs to understand the potential backlash to the firm given all the work done to root out clients involved in human trafficking,' an internal memo said. Staley tried to convince the bank's top lawyer to 'hear [Epstein] out', according to a JP Morgan meeting note. He also revealed to Epstein that his transactions were under review. Staley admitted to sharing internal information with Epstein but denied having pushed the bank to keep him as a client. Panic set in by September 2009, when Epstein told Staley that a 'family meeting was required'. Epstein was concerned about an 'abusive reporter', and instructed Staley on how to respond: 'I think your response should be [that] all of the incidents that they raise happened a decade ago, I paid my debt and like everyone else should be given another chance.' Epstein said he had been 'unaware of the full heat that you have taken as a result of our friendship', adding: 'I'm sorry.' The financier hired a London lobbyist for a 2012 campaign to make Staley Barclay's chief executive, dubbed 'Project Jes'. In emails the lobbyist claimed he hoped to convince top-level policymakers, including George Osborne, who was chancellor, and Mervyn King, the Bank of England governor, to support the US banker. Staley said he never knew about the push. Barclays ultimately installed its own head of retail and business banking, Antony Jenkins, whose ousting three years later led to Staley's leadership. In early 2013 Staley left JP Morgan, moving to the hedge fund Blue Mountain Capital. At this point, Staley claimed, his relationship with Epstein started to decline. But the FCA alleged that their communication did not wither, pointing to a string of emails in early 2013 in which the pair discussed dinner plans, new work numbers and planned meet-ups. Staley also kept up an annual tradition of emailing Epstein on New Year's Eve. The declarations of friendship continued in January 2015, when Staley told Epstein: 'The strength of a Greek army was that its core held shoulder to shoulder, and would not flee or break, no matter the threat. That is us.' That year, Epstein was back in the media's crosshairs. An anonymous woman had filed a lawsuit alleging she was repeatedly sexually abused by Epstein between 1999 and 2002, and that he had loaned her out to rich and influential men. By that April, Staley had what he says was his last in-person meeting with Epstein, having again taken his family to visit the financier's private island. 'Thanks for the flight and thanks for the lunch. Your place is crazy, and special … I count u as a deep friend. The girls seemed to enjoy the sail. All the best Jes.' Within months, Staley was taking another stab at the Barclays job, and kept Epstein abreast of developments. Weeks before the appointment, Staley emailed: 'Cross your toes !!!' Staley was back in touch days before receiving his Barclays contract: 'We're very close.' The British tabloids, however, were circling, pouncing on another prominent figure with ties to a convicted sex offender. News of Prince Andrew's relationship with Epstein had caused a media frenzy as early as 2011, years before a disaster BBC interview that led to the prince being forced to step back from public duties in 2019. Days before Staley was confirmed as Barclays' new boss, the Mail on Sunday was chasing up claims that Epstein lobbied Barclays to hire Staley in both 2012 and 2015. Epstein forwarded the newspaper's queries to Staley, who later replied: 'Ok. I'm going to play is [sic] simple. I've known you as a client. I will tell B tomorrow. Let me know if they say something else. But stay away from them. I'm fine.' The article was published with the headline: 'Andrew's billionaire paedophile friend secretly backed new Barclays boss for job'. Staley said he cut contact with Epstein days later, following 'strong advice' from Barclays. 'I telephoned Mr Epstein and told him that we could not ever again have communication, which he accepted. The relationship ended there. I have had no communication with him since then,' Staley told the court. There is no evidence of direct contact between the two men after October 2015, but the FCA alleged they stayed in touch via Staley's daughter until at least February 2017. Emails show that Epstein asked Staley's daughter to ask the newly installed chief executive's opinion on other bankers, tried to connect Staley with royalty in the Middle East, and to ask whether Staley was interested in a post with the US Treasury. Staley said he did not recall any of those conversations, and he did not realise at the time that his daughter and Epstein were still corresponding. The tribunal on Thursday raised concerns in its judgment about Staley's evidence, saying he 'could be inconsistent in his answers when he felt that it would suit his case', adding that he had 'shown no remorse for his conduct'. Judges have sided with the FCA, upholding its City ban and scuppering efforts to restore his reputation. And while the tribunal reduced his penalty by £1.8m to £1.1m, it reflected pay he lost from Barclays as a result of the FCA ruling. It is not clear how much Staley has paid in legal costs trying to challenge the UK regulator. Staley said in a statement: 'I am disappointed by the outcome and the time it took for this process to play out – that was entirely beyond my control. As the tribunal accepted, I was never dishonest. It took years of arguing with the authority and until November 2024 to establish that fact and it took more time for the financial penalty to be reduced by 40%. 'I have worked tirelessly for my prior employers for the entirety of my career. I am proud of the support I gave to many individuals during that career and the strategy I developed to help Barclays when it faced immense challenges. The tribunal recognised what they described as 'my long and distinguished career'.'
