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Jes Staley has experienced a significant loss in his prominent attempt to challenge a ruling by the Financial Conduct Authority, which found that he had “recklessly” misled them regarding his connections with convicted sex offender Jeffrey Epstein. This marks a major setback for the former CEO of Barclays.
A ruling delivered on Thursday by Judge Timothy Herrington of the Upper Tribunal revealed that Staley did not completely inform Barclays about the true nature of his association with the deceased financier.
“While we acknowledge Mr. Staley’s successes as chief executive of Barclays, we believe that these do not lessen the severity of the wrongdoing,” the ruling stated. “The end of his long career was an unavoidable result of that behavior.”
However, the tribunal also decreed that the £1.8 million penalty that the regulator imposed on Staley in 2023 should be lowered to £1.1 million.
This story is still unfolding
