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PRA and FCA “no comment” on Staley investigation

PRA and FCA have published a joint statement in relation to the Jes Staley investigation.  The regulators do not comment on ongoing investigations and so will do no more than confirm the firm’s announcement. Barclays announced that it had been made aware of PRA and FCA’s preliminary conclusions in relation to Mr Staley’s characterisation to Barclays of his relationship with Jeffrey Epstein. Mr Staley intends to contest the conclusions and the Board notes that the investigation has not made any findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes. However, in view of the conclusions and Mr Staley’s intention to context them, Barclays and Mr Staley agreed he should step down as CEO and Director of the bank. Barclays is disappointed with the outcome but will comment no further.  C.S. Venkatakrishnan has taken over as Barclays Group CEO.

Emma Radmore