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Barclays CEO probed over Epstein ties

Published 02/13/2020, 05:45 AM
Updated 02/13/2020, 07:30 AM

Historic links between Barclays (LON:BARC) chief exec Jes Staley and U.S. financier Jeffrey Epstein are being probed.

Epstein killed himself last year whille awaiting trial on sex trafficking charges.

Barclays said on Thursday (February 13) that its board had looked into reports surrounding Staley's relationship with Epstein.

It says it believes Staley has been sufficiently transparent.

The bank boss said he had not seen the disgraced financier since taking over as Barclays CEO in 2015.

Last year the New York Times said that Epstein had referred "dozens" of wealthy clients to Staley when he ran JPMorgan (NYSE:JPM)'s private banking business.

It also reported that Staley visited Epstein in prison when he was serving a sentence between 2008-09 for soliciting prostitution.

The Financial Conduct Authority and the Prudential (LON:PRU) Regulation Authority are investigating.

But the news somewhat over shadowed Barclays' better-than-expected full-year results Thursday.

Profit before tax rose to over 8 billion dollars for 2019, as its investment bank reported bumper returns.

Profit was 9% higher than in 2018 and above forecasts.

Staley received a bumper pay package of $7.64 million in 2019, up from 4.3 million a year earlier.

Barclays shares fell over 3 percent following Thursday's news.

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