Staley Admits to Sharing Client Information with Epstein During JPMorgan Tenure
The former Barclays CEO faces ongoing scrutiny over his relationship with the convicted financier as the tribunal hears new evidence.
Jes Staley, the former CEO of Barclays, has acknowledged sharing client information with Jeffrey Epstein during his long tenure at JPMorgan, where he worked for over 30 years.
Staley, who was fined more than £1.8 million and banned from holding senior positions in the financial sector by the Financial Conduct Authority (FCA) in 2023, is currently appealing these findings at the Upper Tribunal in London.
The FCA's investigation revealed that Staley had misled the regulator regarding the nature of his relationship with Epstein, describing it in a 2019 letter as not being 'close.' The FCA contended that this characterization was misleading, noting that Staley acted 'recklessly and without integrity' in allowing such statements to be communicated.
During the tribunal proceedings, which are set to conclude in April, Staley characterized his connection with Epstein as 'professionally fairly close,' while denying any personal friendship.
Despite this, he confirmed to the tribunal that he did share client information with Epstein, specifically mentioning that he sought Epstein's 'counsel' for advice, which included details not in the public domain.
When questioned by FCA counsel Leigh-Ann Mulcahy KC, Staley acknowledged the bank's duty of confidentiality, affirming that it is not appropriate for a bank to disclose a client's relationship details without consent.
Staley's testimony revealed that he shared details concerning his recruitment at Barclays, including a previously unsuccessful attempt at securing the chief executive role in 2012. He indicated that, while this negotiation was confidential, he believed he had the discretion to share such information with trusted advisors.
Staley also stated that he was never aware of Epstein facilitating his recruitment or lobbing on his behalf, maintaining that he did not seek Epstein's support or involvement in those discussions.
The tribunal, presided over by Upper Tribunal Judge Tim Herrington, along with members Martin Fraenkel and Cathy Farquharson, continues to evaluate the implications of Staley's admissions within the context of regulatory standards and the broader financial sector.
Staley, who was fined more than £1.8 million and banned from holding senior positions in the financial sector by the Financial Conduct Authority (FCA) in 2023, is currently appealing these findings at the Upper Tribunal in London.
The FCA's investigation revealed that Staley had misled the regulator regarding the nature of his relationship with Epstein, describing it in a 2019 letter as not being 'close.' The FCA contended that this characterization was misleading, noting that Staley acted 'recklessly and without integrity' in allowing such statements to be communicated.
During the tribunal proceedings, which are set to conclude in April, Staley characterized his connection with Epstein as 'professionally fairly close,' while denying any personal friendship.
Despite this, he confirmed to the tribunal that he did share client information with Epstein, specifically mentioning that he sought Epstein's 'counsel' for advice, which included details not in the public domain.
When questioned by FCA counsel Leigh-Ann Mulcahy KC, Staley acknowledged the bank's duty of confidentiality, affirming that it is not appropriate for a bank to disclose a client's relationship details without consent.
Staley's testimony revealed that he shared details concerning his recruitment at Barclays, including a previously unsuccessful attempt at securing the chief executive role in 2012. He indicated that, while this negotiation was confidential, he believed he had the discretion to share such information with trusted advisors.
Staley also stated that he was never aware of Epstein facilitating his recruitment or lobbing on his behalf, maintaining that he did not seek Epstein's support or involvement in those discussions.
The tribunal, presided over by Upper Tribunal Judge Tim Herrington, along with members Martin Fraenkel and Cathy Farquharson, continues to evaluate the implications of Staley's admissions within the context of regulatory standards and the broader financial sector.
