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Jes Staley has failed to overturn a decision by the Financial Conduct Authority that he “recklessly” misled the regulator about his ties to convicted sex offender Jeffrey Epstein, in a major setback to the former chief executive of Barclays.
In a judgment handed down on Thursday by the Upper Tribunal, judge Timothy Herrington said Staley did not fully disclose to Barclays the nature of his relationship with the dead financier.
“We have noted Mr Staley’s achievements as chief executive of Barclays, but in our view these do not diminish the seriousness of the misconduct,” the judgment reads. “The loss of his long-standing career is an inevitable consequence of that conduct.”
But the tribunal also ordered that the £1.8mn fine imposed on Staley by the regulator in 2023 be reduced to £1.1mn.
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