By
Godfrey Benjamin
November 15th, 2023
As Jes Staley proceeds to clear his name of his connections to Jeffrey Epstein and the crimes he committed, Barclays noted that subject to regulatory approval, C.S. Venkatakrishnan will take over as the firm’s new boss with immediate effect.
Jes Staley, the Chief Executive Officer of British multinational universal bank, Barclays PLC (LON: BARC) is set to step down from his role in the institution as authorities have opened an investigation into his connections and relationship with the child sex offender, Jeffrey Epstein.
As reported by CNBC, the duo of the Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA) informed the bank of the preliminary conclusions about the relationship between both men, and Staley’s stepping down is fueled by his intentions to contest any claims that may arise.
“Barclays and Mr. Jes Staley, Group Chief Executive, were made aware on Friday evening of the preliminary conclusions from the FCA and the PRA of their investigation into Mr. Staley’s characterisation 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 statement said, adding that “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.”
Jeffrey Epstein was an established American financier who was accused of child-related sex offenses with victims numbering up to 36. Epstein was first arrested for abusing a minor back in 2005, and he served 13 months in prison when he pleaded guilty and was convicted in 2008. The billionaire financier was rearrested in 2019 for similar sex offenses and he allegedly committed suicide by hanging in his Manhattan prison cell on August 10, 2019.
Even with his death, investigators have continued the probe into Epstein who maintained high-profile associations in his network including past United States Presidents Donald Trump and Bill Clinton. His relationship with Staley is also now being questioned, although Barclays noted that the authorities had not confirmed the outgoing CEO “saw, or was aware of, any of Mr. Epstein’s alleged crimes.”
Succession Plan as Staley Moves to Clear His Connections to Epstein
As Jes Staley proceeds to clear his name of his connections to Jeffrey Epstein and the crimes he committed, Barclays noted that subject to regulatory approval, C.S. Venkatakrishnan will take over as the firm’s new boss with immediate effect.
Barclays said it “has had succession planning in hand for some time, including reviewing potential external appointees, and identified Venkat as its preferred candidate for this role over a year ago, as a result of which he moved from the position of Group Chief Risk Officer to Head of Global Markets.”
Venkatakrishnan rose through the ranks in the organization and he understands how the institution works in all aspects. The bank noted it is confident that in his era as CEO, he “will continue its strategic direction and improve performance in line with the progress of recent years.”
Barclays stock is down 1.75% on Monday morning in the wake of the latest development in its CEO’s exit.
