US Senator Warren Questions Barclays’ Handling of Staley-Epstein Ties
9 reported2 unconfirmed
US Senator Elizabeth Warren has sent a letter to Barclays chair Nigel Higgins questioning the bank’s handling of former CEO Jes Staley’s ties to convicted sex offender Jeffrey Epstein. The letter, also signed by Congress members Ro Khanna and Raja Krishnamoorthi, gives Barclays two weeks to answer questions about its investigation into Staley’s relationship with Epstein. Warren stated it was “deeply unclear how Barclays, supposedly investigating Staley’s connection to Epstein, failed to uncover this decades-long relationship.” The lawmakers raised concerns about information from a UK court hearing last year, where Staley unsuccessfully challenged a ban from the British banking industry. The letter noted Higgins admitted he had not asked Staley about his last contact with Epstein before declaring to the Financial Conduct Authority that the last contact was “well before” Staley joined Barclays. The letter warned that Barclays’ “apparent failure to meaningfully investigate” raises “significant governance questions” about the bank’s ability to hold executives accountable. The letter was sent hours before Staley was due to testify in a closed-doors hearing by the House Oversight Committee.
What’s reported
Senator Elizabeth Warren sent a letter to Barclays chair Nigel Higgins questioning the bank’s investigation into former CEO Jes Staley’s ties to Jeffrey Epstein.
The letter was also signed by Congress members Ro Khanna and Raja Krishnamoorthi.
Barclays has two weeks to answer questions about its handling of information on Staley’s links to Epstein.
The letter cited a UK court hearing last year where Staley unsuccessfully tried to overturn a ban from the British banking industry.
Higgins admitted he did not ask Staley about his last contact with Epstein before declaring to the FCA that the last contact was “well before” Staley joined Barclays.
Staley met Epstein in 2000 and became Barclays CEO in 2015, stepping down in 2021 after regulators investigated the relationship.
Staley was banned from the UK financial sector for playing down those ties, which Barclays vouched for in a 2019 letter to the FCA.
Staley lost £18m in pay and bonuses from Barclays as a result of the ruling.
A Barclays spokesperson said the UK regulator concluded Barclays was misled by Staley, and new information has emerged that was not available to the bank.
Open questions
What specific actions, if any, Barclays took to investigate Staley and Epstein’s personal ties.
Whether Barclays conducted any reviews into deficiencies in its executive hiring process.
Key figures
Elizabeth Warren: US senator and senior Democrat on the Senate banking committee
Nigel Higgins: Chair of Barclays
Jes Staley: Former CEO of Barclays
Ro Khanna: US Congress member
Raja Krishnamoorthi: US Congress member
Jeffrey Epstein: Late sex offender (died 2019)
Sources: The Guardian
