Ex-Barclays boss admits to sexual encounter with Epstein's staff member
What's the story
Former Barclays CEO Jes Staley has admitted to a sexual encounter with one of Jeffrey Epstein's staff members. The encounter allegedly happened at the New York apartment of Epstein's brother. The revelation came out during a tough cross-examination at the upper tribunal, where Staley is fighting his ban from the UK financial sector's senior roles for allegedly lying about the depth of his relationship with the sex offender.
Legal battle
Staley's relationship with Epstein under scrutiny
Staley, who resigned in 2021, is appealing the watchdog's ruling banning him from senior roles in the UK financial industry. In a 2019 letter to the Financial Conduct Authority (FCA), Barclays said Staley and Epstein "did not have a close relationship." At the tribunal, FCA lawyer Leigh-Ann Mulcahy KC showed documents to Staley and tribunal judges, asking about his sexual encounter with Epstein's staff in Epstein's brother's apartment. "Yes," he replied.
Admission and defense
Staley admits to sexual encounter, maintains business relationship with Epstein
He maintained that he met the woman through Epstein, but his overall relationship with Epstein was purely business-related and not personal. Staley described the sexual encounter with the Epstein staff member as "consensual." He explained that he would frequently visit Epstein's apartment and had gotten to know the woman during his visits when Epstein was late. This resulted in the sexual encounter, which he called "much to my embarrassment today."
Clarification
Staley describes encounter as consensual
The tribunal didn't reveal details about the date of the incident or the woman's age. The FCA referenced a cache of over 1,000 emails between Staley and Epstein in which Staley described their bond as "profound" and referred to Epstein as "family." But Staley denied recalling the emails, to which Mulcahy asked, "They are not emails that are consistent with a purely personal relationship ... they were personal in nature, weren't they?"
Settlement
Staley unaware of settlement exclusion
Mulcahy told Staley the staff member "appeared to have carved you out of a settlement with the Epstein estate." Staley responded he was "not aware of that." The former Barclays CEO will testify until the end of the session, which is set to go until Friday. The case sheds light on Barclays' handling of the regulators' investigation into Staley, who left the British bank in 2021, and Epstein's relationships to a number of wealthy and prominent people around the world.