Former Barclays chief executive, Jes Staley, is set to launch a high-profile appeal on Monday against his potential ban from the British finance industry, reigniting scrutiny on his ties to Jeffrey Epstein, the disgraced financier. Staley, who also held a position at JPMorgan where Epstein was a significant private banking client, has been striving to vindicate himself since his departure from Barclays in 2021 due to his past connection with Epstein.
The Financial Conduct Authority (FCA) notified its intention to prohibit Staley from senior roles over a letter sent by Barclays to the regulatory body in 2019, shortly after Epstein's death while in custody awaiting trial for sex trafficking. The FCA claims Staley endorsed a letter containing misleading information about his proximity to Epstein, alleging their last contact was "well before he joined Barclays in 2015."
Staley refutes the allegations, arguing in court submissions that the FCA's ruling, which includes a £1.8 million ($2.3 million) fine, was unjust as it did not allow him or Barclays an opportunity to clarify the approval process of the crucial letter.
During the three-week appeal, testimonies will be heard from prominent figures in finance, including Bank of England Governor Andrew Bailey, former FCA chief executive from 2016 to 2020, and Barclays Chair Nigel Higgins. References to Epstein's other notable associates, like Britain's and Peter Mandleson, currently the British ambassador in Washington, will also be made.
Staley will undergo cross-examination over four days starting March 11, with JPMorgan likely to have representation, following its 2023 settlement in the U.S. Virgin Islands. The bank expressed its interest in attending since some of Staley's evidence "pertains to JPMorgan individuals and employees."
The FCA's case will rely on approximately 1,200 emails exchanged between Staley and Epstein, where Staley characterized their relationship as "profound" and considered Epstein "family." The FCA is also leveraging emails from Epstein's estate, indicating Staley maintained contact with Epstein up to at least 2017 through Staley's daughter. Staley's legal team contends in court filings that these communications were initiated by Epstein, resulting in no further correspondence between the men.