Jes Staley, the former Barclays boss, has received the first regulatory ban for actions taken as chief executive of a major UK bank after he allegedly misled the watchdog about his past relationship with Jeffrey Epstein.
The UK Financial Conduct Authority said on Thursday it would ban Staley from holding senior positions in financial services, and fine him £1.8mn, for “recklessly approving . . . two misleading statements about the nature of his relationship” with deceased sex offender Epstein, with whom he had close ties during his time at JPMorgan Chase, before he joined the UK lender.
Barclays said in light of the FCA decision, Staley would have to forfeit as much as £17.8mn in deferred bonuses that it had frozen.
Read the full story on the Financial Times here.