Jes Staley: Who is Barclays Bank’s Jes Staley? Why Staley has quit over Epstein links and the CEO’s net worth

Staley has been at the helm of Barclays as its group boss for almost six years.

But he will now resign from the top banking role after a draft of the preliminary findings of an investigation by the Financial Conduct Authority and Prudential Regulation Authority (PRA) into Staley’s interactions with Jeffrey Epstein was sent to him last week.

Here’s what you need to know about Barclays CEO Jef Staley, his net worth and why he’s leaving the company over Epstein links.

Who is Jes Staley?

American banker Jes Staley is the chief executive officer (CEO) of London-headquarted Barclays, one of the world’s largest banks, and has held the position at the top of the company since 2015.

The 64-year-old Barclays boss, whose full name is James Edward Staley, is the son of Paul R. Staley, a CEO of a large chemicals company and grandson of another top US executive.

Before joining Barclays as CEO in December 2015, Staley spent 34 years as CEO at New York’s J.P. Morgan before briefly moving on to asset management fund company, BlueMountain Capital, as managing partner.

According to CNN, Staley oversaw the expansion of J.P. Morgan Asset Management's client assets from $605 billion to nearly $1.3 trillion during his time at the company.

On Monday 1 November, Staley’s shock exit from Barclays was announced following the outcome of an investigation into the bank chief’s links with convicted sex offender Jeffrey Epstein.

What is Jes Staley’s net worth?

Stock market research and tracking platform, Wallmine, reports that Jes Staley was earning £5,929,000 in his roles as group chief executive and executive director of Barclays Plc - and was the highest paid executive at Barclays Plc.

Staley’s total net worth is an estimated $120 million.

Staley will be replaced at Barclays by CS Venkatakrishnan, who is currently head of global markets for the bank.

Barclays said succession planning has been in place for some time and he had been identified as the preferred candidate for more than a year.

He will be paid £2.7 million a year in fixed pay, made up of 50% cash and 50% Barclays shares, alongside a £135,000 pensions contribution.

The new boss could also receive an annual bonus of up to £2.5 million and long-term bonuses in shares worth up to £3.8 million.

Barclays sets bar for big banks as profits boosted by global deal-making: reaction

Why is Barclays CEO Staley stepping down?

Barclays boss Jes Staley has quit following the preliminary findings of an investigation into his role as private banker to disgraced financier and convicted sex offender Jeffrey Epstein.

A report by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) is due next month, with a first draft sent to Mr Staley last Friday.

After receiving the report, which looked into whether the bank and Mr Staley played down his relationship with Epstein, the chief executive quit the bank and said the conclusions will be contested.

It is understood the early draft suggests he played down his role in Epstein's affairs while acting as his private banker in a previous job.

Barclays said: "It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein's alleged crimes, which was the central question underpinning Barclays' support for Mr Staley following the arrest of Mr Epstein in the summer of 2019."

The bank's board said it is "disappointed at this outcome" but details of the report have not been published.

Mr Staley will get a £2.5 million payoff and continue to receive other benefits for a year, the bank said.

He will also be eligible to receive repatriation costs to the US and could receive more cash, although no decision has been made.

The FCA and PRA declined to comment.

Mr Staley has previously said he "deeply regrets" his relationship with Epstein, after acting as his private banker while working for JP Morgan, and continuing for seven years after the financier was convicted of sex offences.

His last contact with Epstein had been in the autumn of 2015, shortly before he joined Barclays, but not before he and his wife sailed to Epstein's private island for lunch that year.

He said he had no contact with Epstein once he joined the bank in December 2015.

The FCA's investigation was focused on a letter the company wrote to the watchdog following Epstein's death in the US and subsequent reports of Mr Staley's relationship while running JP Morgan's private bank for wealthy clients.

In 2018, the FCA and PRA fined Staley £642,000 after finding that he had tried on multiple occasions to unmask a whistleblower at the company.

Barclays took a half a million pound cut from Staley’s bonus after regulators said that he had failed to act with “care and diligence”.

Additional reporting by PA

A message from the Editor:

Thank you for reading this article. We're more reliant on your support than ever as the shift in consumer habits brought about by coronavirus impacts our advertisers.

If you haven't already, please consider supporting our trusted, fact-checked journalism by taking out a digital subscription.