Former Barclays CEO Jes Staley claimed he was shocked by the arrest of Jeffrey Epstein in 2019 for sex trafficking. However, the FCA stated that this conflicted with evidence from another case. Staley, defending against a ban and fine by the FCA, asserted he was unaware of Epstein's actions. Nevertheless, the FCA's lawyers pointed out that Epstein's allegations were known during Staley's tenure at JPMorgan where he managed Epstein's accounts. Staley acknowledged in a testimony that he stopped associating with Epstein in 2015 due to Epstein's deception about his past.
The ongoing appeal provides insights into Barclays' handling of the FCA investigation into Staley, who departed from the bank in 2021, and delves into his links to Epstein. Epstein's association with high-profile figures such as Prince Andrew and Bill Gates also came under scrutiny following his arrest and death in custody.
Staley faced questions about his interactions with Epstein after his 2008 conviction, highlighting an email exchange and internal JPMorgan communications expressing concerns before the bank terminated the relationship in 2013. The appeal centers on a letter sent from Barclays to the FCA in 2019 regarding Staley's relationship with Epstein, with both sides presenting contrasting views.
Staley's testimony is expected to continue throughout the week, with closing arguments scheduled for April.