Why ex-star banker is spilling secrets about Epstein ties complicating his 'return' to banking
Former star banker Jes Staley is 68 years old, but instead of retiring he wants back into the investment business – even as he seeks to repair a reputation ravaged by his relationship with Jeffrey Epstein, On The Money has learned. That’s why the former Barclays CEO is putting himself through the wringer in UK court, testifying in a civil appeal of a ruling by the UK Financial Conduct Authority that he knew nothing about the scale of his old pal Epstein’s dark side – namely charges that he had sex with minors.It’s all an effort to reverse the proposed ban that could make him unemployable at a major firm for the rest of his life, former colleagues say. His gut must have been turning more on Wednesday.Taking the stand at a British court known as London’s Upper Tribunal, Staley admitted under oath that he once had sex with one of Epstein’s assistants. The age of the assistant was not revealed, but consensus among bankers who know Staley is that the disclosure only makes his longshot bid all the more difficult.“I’m not sure what he’s trying to accomplish,” one former colleague told On The Money.
“Who’s going to hire him?”Staley’s fall is in many ways Shakespearean.He was once one of those “masters of the universe” with a charmed career on Wall Street.
He worked at JP Morgan for nearly three decades in a variety of senior roles and was considered a possible successor to CEO Jamie Dimon.With Dimon signaling he has no intention of leaving anytime soon (which is still pretty much the case), he left to join the big UK-based bank, Barclays. But Staley’s JPM career also had some dark corners.
He ran the asset management division and private client group when the bank also counted Epstein, then a high-end wealth manager, as one of its biggest clients for about 15 years.The business relationship then turned into what Staley has called a “profound” friendship that included career advice, frequent visits to Epstein’s home and trips...