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World Barclays activist renews attack on Staley over Epstein ties

22:36  22 september  2020
22:36  22 september  2020 Source:   news.sky.com

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The New York-based activist warned that Barclays had been mired in chaos during Mr Staley 's time as chief executive and called for chairman The pair first became acquainted in 2000 while Mr Staley was a top executive at JP Morgan, and cut ties just before he took on the top job at Barclays in 2015.

Activist investor Ed Bramson eases up on calls for Jes Staley ’s removal amid Covid-19 crisis.

Barclays' biggest shareholder is trying to apply new pressure to the bank's chief executive by raising further questions about his relationship with the deceased sex offender, Jeffrey Epstein.

Jes Staley wearing a suit and tie: Barclays chief executive Jes Staley is being investigated by regulators © Reuters Barclays chief executive Jes Staley is being investigated by regulators

Sky News has seen an email sent this week by an adviser to Sherborne Investors Management - headed by the activist Edward Bramson - to Barclays shareholders which highlights a subpoena issued to JP Morgan, Jes Staley's former employer, about its dealings with Mr Epstein.

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LONDON (Reuters) - Barclays ' chairman and board should rescind their support for Chief Executive Jes Staley following the disclosure of Sherborne Investors, whose Chief Executive Edward Bramson has waged an activist campaign against Staley for years, said the renomination of Staley

Barclays disclosed earlier in the day that its board had looked into media reports on Staley ’s relationship with Epstein , and probed the chief executive’s Earlier on Thursday, the bank said its board believes the chief executive has been sufficiently transparent about his ties to Epstein , whom

a tall glass building: Sherborne holds a 6% stake in Barclays © PA Sherborne holds a 6% stake in Barclays

In the email, Georgeson, a a firm specialising in proxy solicitation and shareholder engagement, highlighted the subpoena's demand for "information on the bank's dealings with Epstein, including all JPM internal documents and correspondence related to investigations / compliance matters on Epstein and associated anti-money laundering issues".

Jeffrey Epstein wearing glasses and smiling at the camera: Mr Staley's links to Mr Epstein dated back to 2000 © Reuters Mr Staley's links to Mr Epstein dated back to 2000

"It also singles out just one bank employee, requiring JPM to deliver 'all communications between James E. Staley and Jeffrey E. Epstein regarding his accounts, services, or transactions," the email added.

The message sent on behalf of Sherborne also referred to the fact that the law firm seeking the information from JP Morgan is called Motley Rice, "who you may remember represented victims of BP plc's Deepwater Horizon oil spill".

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* CEO probed over ties to financier. * Maintained contact with Epstein after 2008 conviction. * Staley retains full confidence of board. Barclays disclosed earlier in the day that its board had looked into media reports on Staley 's relationship with Epstein , and probed the chief executive's characterisation

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 In the summer of 2019, in light of the renewed media interest in the relationship, Mr. Staley

"As you know, Sherborne has asked several times why Staley didn't close Epstein's accounts, despite being urged to do so by the bank's legal and compliance departments," it went on.

"As you will see…it looks like we will shortly find out as the US lawyers now have Staley firmly in their sights."

A Barclays shareholder said the email was "an obvious attempt to keep the pressure on Barclays over Mr Staley's continued tenure".

Sherborne has struggled to gain traction with its campaign to force Barclays into a major strategic overhaul since it became a shareholder in 2018.

Mr Bramson saw his request for a board seat overwhelmingly opposed by the bank's investors, and this year changed tack by focusing on Mr Staley's links to Mr Epstein, which dated back to 2000 and involved a number of personal and professional meetings.

The City and banking watchdogs are investigating Mr Staley's characterisation of his relationship with Mr Staley, with Barclays board members keen for them to conclude their probes swiftly.

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vote against re-election over Epstein ties | Gray Study Barclays chief executive, Jes Staley , will his re-election over his ties to the sex offender Jeffrey Epstein , after activist investor Ed Bramson Bramson called for Staley ’s removal last month but on Thursday admitted the bank would need more

The American chief executive of Barclays , Jes Staley , is being investigated by British regulators in connection with his relationship Barclays stock is down about 22% since he took over . Staley will face scrutiny from investors at the annual general Wexner has said he cut ties with Epstein in 2007.

Although there has been persistent media speculation that Mr Staley is to step down, people close to the bank insist that no announcement about his future is imminent.

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The depth of the coronavirus crisis's impact on the balance sheets of British banks means regulators are unlikely to see instability in the leadership of one of the country's biggest lenders.

Sherborne, which holds a 6% stake in Barclays, declined to comment on the email's contents or its adviser's offer to shareholders to "talk about the legal proceedings in more detail".

Barclays declined to comment.


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This is interesting!