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Jes Staley, the former chief executive of Barclays, faced a major setback as the Financial Conduct Authority upheld its decision that he “recklessly” misled the regulator about his connections to convicted sex offender Jeffrey Epstein.
In a ruling delivered by the Upper Tribunal, judge Timothy Herrington stated that Staley failed to fully disclose the extent of his relationship with Epstein to Barclays.
“Despite Mr Staley’s accomplishments at Barclays, the seriousness of the misconduct cannot be overlooked,” the judgment stated. “The consequences of his actions have led to the loss of his esteemed career.”
However, the tribunal did reduce the initial £1.8 million fine imposed on Staley in 2023 to £1.1 million.
This story is still developing, stay tuned for updates.
