Ex-Barclays CEO Staley didnt mislead UK watchdog about Epstein, lawyer says

Former Barclays boss Jes Staley did not mislead the UK’s financial watchdog over his relationship with disgraced financier Jeffrey Epstein, Staley’s lawyers said on Monday at the start of a London court case in which the former banker seeks to restore his reputation.Staley appeared in court flanked by his lawyers as his appeal against the Financial Conduct Authority’s intention to ban him from working in the UK finance industry indefinitely, and fine him 1.8 million pounds ($2.3 million), began at London’s Upper Tribunal.The 68-year-old will next week be cross-examined over his relationship with Epstein, whose 2019 arrest for sex trafficking minors and subsequent death in custody brought scrutiny on the late financier’s many high-profile associates.Epstein’s crimes have also prompted lawsuits against JPMorgan, where Staley was previously head of the private bank and had Epstein as a major client, and public figures like Britain’s Prince Andrew as well as against Staley himself.Staley has fought to clear his name since 2021 when he left Barclays, in response to the FCA’s initial decision to take disciplinary action over a 2019 letter sent to the watchdog by Barclays.The FCA said in 2023 that it intended to ban Staley as the letter contained two misleading statements: that Staley “did not have a close relationship” with Epstein and their last contact was “well before he joined Barclays in 2015.”Staley says both statements were accurate and that the pair had only a “close professional relationship,” arguing his occasional visits to Epstein’s private island or use of his private jet do not contradict that.His lawyer, Robert Smith, said on Monday that the letter to the FCA “was never intended to provide a definitive description of the relationship.”FCA lawyer Leigh-Ann Mulcahy earlier said the watchdog does not allege Staley was aware of Epstein’s crimes after the latter’s 2008 conviction for soliciting a minor for prostitution.She s...