Barclays CEO Responds to Epstein Revelations
The CEO of Barclays expressed being “deeply disappointed and shocked” by the disturbing revelations in Jeffrey Epstein’s documents, amidst the turmoil caused by connections between previous Barclays leader Jess Staley and a convicted sex offender.
In his first public remarks since the U.S. Department of Justice started releasing information on Epstein in December, CS Venkatakrishnan also extended his thoughts to the victims who tragically passed away in prison in 2019, while awaiting trial on child prostitution charges.
“I am very deeply disappointed and shocked by the moral depravity and corruption that you are reading about in the latest series of articles. My heart goes out to the victims of this scandal and these crimes,” he stated.
However, Venkatakrishnan did not address the allegations against Staley as he spoke during the announcement of the bank’s annual profits.
According to reports from The Guardian, U.S. prosecutors considered pressing charges for rape and bodily harm against Staley in 2019. Allegations include Staley coercing a woman into inappropriate acts during a massage and leaving a “bloodstain” on another woman he referred to as “Tinkerbell.”
There’s no indication that prosecutors have decided to move forward with any charges. Staley has denied any wrongdoing in the past but has not commented on these allegations for months, either personally or through legal channels. Notably, he has not faced any charges regarding the accusations.
During a British court hearing in 2025, Staley acknowledged having sexual encounters with Epstein’s personnel in New York but maintained, in agreement with his lawyer, that such encounters were “consensual.”
When asked if the allegations found in Epstein’s documents prompted further internal inquiries at Barclays, the bank’s media chief replied, “I have nothing further to add on that point.”
This situation unfolds as the bank, along with its chairman, Nigel Higgins, navigates a class-action lawsuit in the U.S. The lawsuit accuses Barclays of misleading investors about the connection between Staley and Epstein.
The class action, led by pension funds from New York and Missouri, claims that Barclays, Higgins, and Staley misrepresented Staley’s history with Epstein to the public and investors since July 2019, shortly after Epstein’s arrest for sex trafficking minors.
The plaintiffs argue they only understood the true nature of the relationship between Staley and Epstein after the Financial Conduct Authority (FCA) in the UK released its findings and expelled Staley in October 2023, claiming they had been deceived. They assert this misinformation led to a decline in share value and American Depositary Receipts, resulting in significant financial loss.
Higgins and Staley have not commented further on these issues.
Staley stepped down from Barclays in 2021, citing preliminary findings of the FCA investigation. His resignation cost him £18 million in salary and bonuses, and last year, an order against him returning to the UK’s financial sector was not overturned.
Additionally, HSBC and Barclays are facing a $12 billion lawsuit from U.S. heiress Tanya Dickstock concerning a Jersey trust allegedly linked to the Epstein scandal, as reported by The Times, although both banks have declined to comment.
In brighter news for the bank, Barclays announced a nearly 13% rise in profits, amounting to £9.1 billion in 2025, and plans to return over £15 billion to shareholders between 2026 and 2028, with profits increasing by 12% in the last quarter of the previous year.
