Key facts
- Senator Elizabeth Warren and Representatives Ro Khanna and Raja Krishnamoorthi have written to Barclays demanding answers about its investigation into former CEO Jes Staley's relationship with Jeffrey Epstein.
- Lawmakers questioned Barclays's due diligence in hiring Staley and its handling of information regarding his ties to the convicted sex offender.
- Barclays stated that Staley misled the bank and that new information demonstrates the nature of his relationship with Epstein.
- Former Barclays CEO Jes Staley will testify before the House Committee on Oversight and Government Reform.
- Staley was previously banned from the UK financial sector for misleading regulators about his ties to Epstein.
- The FCA cited over 1,000 emails between Staley and Epstein, where Staley described their friendship as 'profound'.
Senator Elizabeth Warren, alongside Representatives Ro Khanna and Raja Krishnamoorthi, has formally requested information from Barclays regarding its investigation into former CEO Jes Staley's connections with the late convicted sex offender Jeffrey Epstein. The lawmakers expressed concerns about the bank's due diligence in hiring Staley and its subsequent handling of information related to his ties with Epstein.
In a letter to Barclays Chair Nigel Higgins, Warren questioned the bank's investigative process, stating it was unclear how the extent of Staley's relationship with Epstein was not uncovered. The representatives have given Barclays two weeks to respond to a series of questions concerning its executive hiring procedures and the management of information about Staley's relationship with Epstein.
These concerns arise from a UK court case where Staley attempted to overturn a ban from the British financial sector. The letter highlighted that Barclays's chair admitted to not asking Staley about his last contact with Epstein before Staley joined the bank, suggesting the board accepted his word. The lawmakers emphasize that the Financial Conduct Authority (FCA) investigation into Staley's ties to Epstein was triggered by over 1,000 emails from Staley's former employer, JPMorgan Chase, and concluded that the pair were "indeed close" and had a relationship that "went beyond one that was professional in nature."
Staley was banned from the UK financial sector for downplaying his ties to Epstein. Barclays stated that the FCA concluded the bank was also "misled by Jes Staley." The bank added that its own internal investigation was "based on the information that was available to us at the time."
Jes Staley is scheduled to testify before the House Committee on Oversight and Reform on Thursday regarding his connections to Epstein. He previously worked at JPMorgan Chase for over three decades before joining Barclays in 2015. Epstein died in prison in August 2019 while awaiting trial on child sex-trafficking charges.