Barclays Freezes Jes Staley’s Bonus Amid Epstein Investigation
British banking giant Barclays is withholding bonus payments to former CEO Jes Staley who stood down last year amid an investigation into the details of his relationship with convicted sex offender Jeffrey Epstein.
An investigation into the nature of Staley’s relationship with Epstein, who died in prison, is still underway. Nonetheless, Staley is set to receive £2.4 million in pay, as well as a £120,000 pension allowance, for 2021.
In a statement, the bank said: “In line with its normal procedures, the committee exercised its discretion to suspend the vesting of all of Mr Staley’s unvested awards, pending further developments in respect of the regulatory and legal proceedings related to the ongoing Financial Conduct Authority and Prudential Regulatory Authority investigation regarding Mr Staley.”
According to the report, Staley was paid approximately £25 million in his near-7-years at Barclays. He holds 18 million shares in the bank, including £3.3 million worth granted by Barclays as an “unvested” award for 2021-2023.
Under Staley’s strategy for boosting the bank, Barclays profits rocketed to £8.4 billion.