“Barclays and Mr Jes Staley, Group Chief Executive, were made aware on Friday evening of the preliminary conclusions from the FCA and the PRA of their investigation into Mr Staley’s characterisation to Barclays of his relationship with the late Mr Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA,” the statement said.

“In view of those conclusions, and Mr Staley’s intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays.”

Barclays pointed out that the investigation had not found that its CEO “saw, or was aware of, any of Mr Epstein’s alleged crimes.” Jeffrey Epstein was arrested in July 2019 on child sex-trafficking charges but hung himself a month later in a Manhattan federal prison. 

Subject to regulatory approval, C.S Venkatakrishnan is set to take on the role of Group Chief Executive in place of Staley with immediate effect. The bank has said it is confident that under Venkatakrishnan’s leadership, it will “continue its strategic direction and improve performance in line with the progress of recent years.”