Former Barclays chief executive Jes Staley sat down Thursday for a closed-door grilling by House lawmakers investigating his past relationship with convicted sex offender Jeffrey Epstein, marking the latest chapter in a career derailed by ties to the dead financier.
Staley ran the British bank from 2015 until his resignation in November 2021, but his three decades at JPMorgan Chase before that proved far more consequential. That's where he met Epstein in 2000 when Epstein became a private banking client. They stayed connected for years even after Epstein pleaded guilty to solicitation charges in Florida involving a minor, with Staley visiting him during a prison work-release stint and inviting him to his island aboard his yacht Bequia in 2015.
UK financial regulators ultimately concluded the pair were "indeed close" and that their bond "went beyond one that was professional in nature." When Barclays first said the relationship wasn't close, the bank admitted to lawmakers it had been "misled by Jes Staley." The FCA investigation, triggered by 1,200 emails from JPMorgan, left no room for interpretation: Staley had played down his Epstein ties and paid the price.
A lifetime ban from the UK financial sector followed, along with the loss of roughly 18 million pounds in Barclays compensation. In a legal challenge he lost, Staley testified that he had sex with a member of Epstein's staff in New York, describing it as consensual during cross-examination. Judges upheld the regulator's punishment anyway.
Staley's troubles have only multiplied. JPMorgan Chase sued him in 2023, arguing he should cover financial penalties the bank faces from lawsuits claiming it helped facilitate Epstein's trafficking operation. The two sides reached a confidential settlement later that year. Then the Department of Justice released documents showing prosecutors had reviewed allegations of rape and serious bodily harm against Staley by a woman, though there is no indication they pursued charges. Staley denies any wrongdoing and has never been charged.
The House inquiry places Staley among a parade of high-profile figures called to account. Bill and Hillary Clinton, Bill Gates, and Goldman Sachs' former top lawyer Kathy Ruemmler have all testified, with transcripts and videos released publicly. Staley's interview transcript is expected to follow the same path.
Staley has said he thought he knew Epstein well but "didn't" and that he "deeply regrets" the relationship in hindsight. After losing his legal fight, he expressed disappointment but insisted he was "never dishonest."
Author James Rodriguez: "The question now is what Congress learns that hasn't already been pried loose from the courts and regulators, and whether public testimony adds anything new to a story already picked over by investigators on both sides of the Atlantic."
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