Jes Staley Loses Appeal Over FCA Ban, Epstein Ties

Former Barclays CEO Jes Staley has lost his appeal against a UK Financial Conduct Authority (FCA) ban and fine for misleading the regulator about his relationship with Jeffrey Epstein. The FCA found Staley recklessly allowed a misleading 2019 letter, falsely claiming his last contact with Epstein was before he joined Barclays, despite evidence of a close relationship. The tribunal upheld the lifetime ban from senior financial roles but reduced his fine from £1.8 million to £1.1 million, citing his forfeiture of deferred shares. Staley maintains he was unaware of Epstein's criminal activities and denies dishonesty, but the tribunal criticized his lack of remorse and incomplete assistance to the court. Separately, a US judge ruled that Barclays and Staley must face a shareholder lawsuit alleging they defrauded investors by downplaying Staley's Epstein ties. The ongoing legal battles have heightened scrutiny and reputational risk for both Staley and Barclays.