Jes Staley set ‘to stay on at Barclays for two more years’
Jes Staley is reportedly set to stay on as chief executive of Barclays, despite the lender coming under pressure to replace the controversial American.
The bank is not expected to announce any succession plans when it reports third quarter earnings on Friday despite activist investor Edward Bramson recently renewing his attack on Staley, The Telegraph reported.
It emerged earlier this year that Staley was facing a regulatory investigation over his descriptions of his relationship with convicted paedophile Jeffrey Epstein, prompting speculation that the chief executive could step aside early.
While Bramson’s investment vehicle Sherborne called for Staley to step down over his links with Epstein, shareholder voting advisors ISS and Glass Lewis have both recommended that he be reelected.
Staley has the support of Barclays’ board to stay on for another two years, according to the Telegraph.
A spokesperson for Barclays declined to comment.
Epstein, who took his own life last year while awaiting trial on sex trafficking charges, had been a key client of Staley’s when he worked at US investment banking giant JP Morgan.
Barclays disclosed earlier this year that the Financial Conduct Authority and Bank of England’s Prudential Regulation Authority were investigating “Staley’s characterisation… of his relationship with Epstein and the subsequent description of that relationship”.
Staley has admitted that he maintained contact with the disgraced financier for seven years after his conviction, adding that he “deeply regretted” the relationship.
Staley said his contact with Epstein began “taper off” and became “much less frequent” after he left JP Morgan in 2013, before ending “totally” in late 2015 – the year he took over as chief executive of Barclays.
Having initially called for Staley’s removal as chief executive in May, Bramson renewed his attack on the American last month.
In an email to Barclays shareholders, an adviser to Sherborne raised further questions over Staley’s links to Epstein during his time at JP Morgan, highlighting a subpoena issued to the US bank over its dealings with the convicted sex offender.