Barclays CEO Jes Staley to Step down

Fazzaco learned that Jes Staley has decided to parted ways with Barclays, the British universal bank, as CEO and a director.

Reportedly, Mr C.S. Venkatakrishnan (known as Venkat) has been promoted to take over the position of group CEO and director, with immediate effect from 1 November 2021, subject to regulatory approval.

Staley’s departure relates to the UK Financial Conduct Authority (FCA)’s founding that he has relationships with Jeffrey Epstein, the former CEO of Barclays, who was arrested in 2019 for sex offence. Whereas, Staley is intended to contest the FCA’s conclusions.

"It should be noted that the investigation 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," the UK bank giant stated.

As Staley is entitled to 12 months’ notice from Barclays, he will continue to receive his current a-year fixed pay of £2.4 million, pension allowance of £120,000, and other benefits, until October 31, 2021.