The former CEO of Barclays Jes Staley will argue the bank had a “clear understanding” of the extent of his ties with Jeffrey Epstein when it sent a letter to regulators describing the relationship as “not close”, in a landmark trial opening on Monday.
Staley is attempting to clear his name and overturn a lifetime ban from senior roles in the financial services industry imposed by the UK’s Financial Conduct Authority in 2023. He stepped down as chief executive of Barclays in 2021 following an FCA investigation of the way he described his relationship with the disgraced financier and sex offender Epstein. Staley did not draft the letter, but the FCA ruled that he had “recklessly approved” it.
In his opening statement, which has been seen by the Financial Times, Staley said he had “explained sufficient detail of his relationship with Mr Epstein, in conversations with senior executives and board directors at Barclays . . . to provide them with a clear understanding that he has a close professional relationship with Mr Epstein, extending over many years”.