Chief Executive Officer of Barclays Jes Staley said he “deeply regrets” a relationship with disgraced financier Jeffery Epstein as an investigation was launched by Britain’s two main regulators on Thursday.
Barclays said in a statement the probe will focus on Staley’s “characterization to the company of his relationship with Mr Epstein and the subsequent description of that relationship in the company’s response to the FCA.”
The nature of the probe by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority will focus on whether the publicly known ties were properly disclosed to the bank and regulators.
Staley told reporters on a phone call mean to discuss Barclay’s financial results that he maintained contact with Epstein for seven years after his conviction.
Barclays is backing Staley, it said in the statement, adding that the CEO has the “full confidence” of the board.
“Mr. Staley has been sufficiently transparent with the company as regards to the nature and extent of his relationship with Mr. Epstein,” a statement reads.
Staley said he has not spoken to Epstein in 2015 when he took over the bank, according to reporters on the phone call.
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