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Barclays chair Nigel Higgins assured the FCA that Jes Staley had “no particular relationship” with Jeffrey Epstein shortly after Epstein's death in 2019, which influenced the regulator's decision not to investigate Staley at that time. However, subsequent evidence from JP Morgan suggested a closer relationship, prompting a formal investigation into Staley's conduct and integrity, ultimately leading to his resignation in 2021. The FCA's findings indicated that Staley maintained contact with Epstein and used his daughter as an intermediary until at least 2017.
Jes Staley, former Barclays CEO, defended his relationship with Jeffrey Epstein, claiming he would not have introduced his family to Epstein if he suspected him of being a pedophile. Evidence presented in court revealed that Staley's family visited Epstein's private island and traveled on his jet. The FCA fined Staley in 2023 for downplaying the nature of their relationship, while Barclays chairman Nigel Higgins previously assured regulators there was no impropriety.
Jes Staley, the former Barclays chief executive, stated he would not have introduced his family to Jeffrey Epstein had he suspected Epstein was a pedophile. This revelation came from Staley's former chief-of-staff, Sasha Wiggins, during a courtroom confrontation with the Financial Conduct Authority regarding Staley's ties to Epstein.
Barclays plans to boost its annual tech spending for wealth management by over 75% and aims for a 25% return on tangible equity by 2026, focusing on markets like Singapore, India, and the Middle East, while avoiding the competitive U.S. market. In contrast, UBS is expanding its U.S. wealth business through organic growth, realigning into six divisions to better serve various client segments, and pursuing a national banking charter to enhance profitability. Both banks are targeting the mass-affluent market, with Barclays looking to hire up to 100 advisers in the U.K.
Sasha Wiggins
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