January 1, Barclays CEO steps down over ties to Jeffrey Epstein

Barclays CEO James E. Staley stepped down from his post, effective immediately, following an investigation into his relationship with the disgraced financier Jeffrey Epstein.

Barclays, one of Britain’s biggest banks, has been around for over three centuries. The bank said it learned of the preliminary conclusions of the nearly two-year probe into the two men’s relationship, which dates back to Staley’s time at JPMorgan Chase.

Staley, 64, wrote a statement in an internal memo sent to Barclays employees on Monday.

“I do not want my personal response to those matters to be a distraction from the fantastic work you do every day to support our customers and clients,” Staley wrote.

Barclays said in a statement that Staley agreed to step down and that he intended to contest the probe’s findings. Additionally, the bank said the investigation didn’t determine that Staley “saw, or was aware of, any of Mr. Epstein’s alleged crimes” and that it was “disappointed” with the outcome.

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James Staley, Barclays’s C.E.O., will step down after a Jeffrey Epstein inquiry.