Barclays (NYSE:BCS) Chief Executive Jes Staley is being investigated over his links to Jeffrey Epstein, the American financier and convicted sex offender who committed suicide in jail last year.
Media reports over the last six months had indicated historical ties between Staley and Epstein. According to Barclays on Thursday, Staley developed a "professional relationship" with Epstein earlier in his career, but they had no contact since Staley joined the British bank in 2015.
In a statement issued Thursday, Barclays said the relationship between Staley and Epstein is the subject of an ongoing enquiry from U.K. regulator the Financial Conduct Authority, and the company had responded.
Barclays also conducted its own review and concluded that Staley "has been sufficiently transparent with the company as regards the nature and extent of his relationship with Mr. Epstein."
The New York Times reported in July that Epstein had funneled dozens of wealthy clients to Staley which may have helped him take his career to the next level.
Epstein, who had some prominent connections within Wall Street and also famous acquaintances such as the U.K.′ s Prince Andrew, was charged with sex trafficking of teenage girls in July.
Epstein was also a registered sex offender as a result of pleading guilty in 2008 to state charges filed in Florida related to prostitution involving an underage girl. He was found hanging in Manhattan’s Metropolitan Correctional Center in August, and police initially ruled the death a suicide.
BCS shares dipped 11 cents, or 1.2%, to $9.09
