Former Barclays CEO Jes Staley admitted in court that he had sex with a member of Jeffrey Epstein's staff. This revelation came as he fought against a proposed ban on working in financial services. Staley, who once held a powerful position in the banking industry, is appealing the ban imposed by Britain's Financial Conduct Authority (FCA). The case is linked to his relationship with Epstein, the convicted sex offender who was known for his influential connections.
During the court proceedings, Staley was asked whether he had engaged in a sexual encounter with a woman at an apartment in New York. The property in question was owned by Jeffrey Epstein's brother. Staley confirmed that he had met the woman through Epstein and that the sexual encounter was consensual. He explained that he grew close to her while waiting for Epstein, who was frequently late for meetings. His admission has added further controversy to the ongoing legal battle over his professional future.
The FCA has accused Staley of misleading regulators about the nature of his relationship with Epstein. As a result, they have moved to impose a lifetime ban on him from working in financial services. Additionally, the FCA seeks to fine him £1.8 million ($2.3 million). The authority has highlighted concerns over his interactions with Epstein and the extent of their personal and professional ties. One of the most concerning aspects of the case is the claim that the woman involved had previously filed a legal claim against Epstein's estate. She had requested that Staley be excluded from any settlement she received. This raised questions about the nature of their relationship and whether Staley was aware of Epstein's criminal activities.
Staley, however, denied having any knowledge of Epstein's crimes. In his defense, he stated in court that he was completely unaware of Epstein's "monstrous activities." He insisted that while he had interactions with Epstein, he did not know about the extent of his illegal actions. His statements have been met with skepticism, especially given the evidence presented by the FCA.
The case has also drawn attention to Staley's previous employer, JP Morgan. The bank was sued by the US Virgin Islands, which accused it of ignoring Epstein's involvement in sex trafficking. In response, JP Morgan sued Staley, suggesting that he had played a role in facilitating Epstein's access to the financial system. That case was ultimately settled, but it added to the scrutiny surrounding Staley's actions during his time in the financial industry.
Further evidence against Staley includes a letter from 2019, sent by Barclays Chair Nigel Higgins. The letter was written after Epstein's arrest and was meant to clarify Staley's connection to Epstein. It stated that Staley "did not have a close relationship" with Epstein and that their last contact was "well before he joined Barclays in 2015." The FCA has challenged this claim, arguing that it was misleading and downplayed the nature of their interactions. Staley, however, has maintained that both statements in the letter were accurate.
Investigators also uncovered over 1,000 emails exchanged between Staley and Epstein. In these messages, Staley referred to Epstein as "family" and described their friendship as "profound." One particular email exchange from 2010 has drawn significant attention. In the messages, the two men discussed Disney characters in a cryptic manner. Staley wrote to Epstein, "That was fun. Say hi to Snow White." Epstein then asked which "character" he wanted next, to which Staley responded, "Beauty and the Beast." The FCA has used this conversation to argue that their relationship was more than just professional. Staley, on the other hand, claimed that he did not recall the emails and dismissed any hidden meaning behind them.
Another revelation in the case was that Epstein had asked Staley to be the trustee of his estate. Staley, however, claimed that he had turned down the request. This detail has further fueled speculation about the depth of their connection and whether Staley was more involved in Epstein's affairs than he has admitted.
Staley's testimony in the appeal is expected to conclude on Friday. The court's decision on the FCA's proposed ban and fine will have a lasting impact on his professional reputation and future in the financial industry.
