Barclays has suspended millions of pounds in bonus share awards to former bank CEO Jes Staley amid an investigation by UK regulators into his relationship with convicted sex offender Jeffrey Epstein.
Staley announced in November 2021 that he was stepping down from his role as head of the multinational banking group after the UK’s Financial Conduct Authority (FCA) announced the preliminary conclusions of a probe into his ties to Epstein.
“In line with its normal procedures, the committee exercised its discretion to suspend the vesting of all of Mr. Staley’s unvested awards, pending further developments in respect of the regulatory and legal proceedings related to the ongoing Financial Conduct Authority and Prudential Regulatory Authority investigation regarding Mr. Staley,” the report reads.
According to the bank’s annual report for 2021, almost 70 percent of these share awards granted since Staley was appointed in 2015 remain unvested. They’re made up of a combination of deferred bonus and Long Term Incentive Plan (LTIP) awards.
In its report, Barclays revealed that Staley has around .11.2m shares that are unvested and have been suspended.
The bank stated that “no further remuneration decisions have been made in respect of Mr. Staley.”
“The Committee will consider these matters further, in conjunction with the BPLC and BBPLC Boards, as and when it considers appropriate but does not currently expect to make further decisions on this until the conclusion of those regulatory and legal proceedings. Any such decisions in the future will be disclosed in future remuneration reports,” Barclays stated.
Staley is contesting the regulators’ findings.
Barclays declined to comment when contacted by The Epoch Times.
Epstein was found dead in a New York federal jail on Aug. 10, 2019, at the age of 66 while awaiting trial on sex trafficking charges for abusing women and girls in Manhattan and Florida from 2002 to 2005. He had pleaded not guilty. His death was ruled a suicide by hanging.
Barclays said in November 2021 that it was made aware on Oct. 29, 2021, of the initial findings of the investigation by the FCA and the Prudential Regulatory Authority into Staley’s relationship with Epstein.
It noted that the investigation was into “Mr. Staley’s characterization to Barclays of his relationship with the late Mr. Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA.”
The bank stated that Staley intends to contest the conclusions of the probe, which “makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr. Staley following the arrest of Mr. Epstein in the summer of 2019.”
“In view of those conclusions, and Mr. Staley’s intention to contest them, the Board and Mr. Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays,” the bank stated.
It noted that it was “disappointed at this outcome.”
Staley was replaced by C.S. Venkatakrishnan, head of global markets.
