A British financial industry watchdog released intimate emails between deceased pedophile Jeffrey Epstein and his longtime friend, disgraced former banking executive Jes Staley.
The Financial Conduct Authority (FCA) included the emails and texts in a 79-page watchdog report released Tuesday detailing the FCA’s decision to fine Staley £1.8 million and ban him from holding management or executives roles in the financial services industry, according to an FCA press release. (RELATED: ‘Regular Communication’: Jeffrey Epstein Reportedly Set Up Meetings Between JPMorgan And UK, UAE Officials)
We’ve fined former CEO of Barclays, James Staley, £1.8 m and banned him from holding a senior management or significant influence function in the #FinancialServices industry. https://t.co/tc6zmIoNYt
— Financial Conduct Authority (@TheFCA) October 12, 2023
Staley misled the FCA about the closeness of his relationship with Epstein and when the pair stopped communicating regularly, the report states. He is appealing the FCA decision to the regulator’s upper tribunal.
Epstein and Staley exchanged more than 1,000 emails between July 2008 and December 2012 and nearly 600 emails from January 2013 to October 2015, FCA found. Staley made numerous visits to Epstein’s properties and the emails indicate the pair spoke on the phone often. Staley even visited Epstein when the sex offender was in jail for soliciting a minor for prostitution in Florida, the FCA report says.
Staley described Epstein as one of his “deepest” and “most cherished” friends whose “profound” friendship was only matched by a few close friends, according to the FCA report. Staley once compared the strength of his relationship with Epstein to an ancient Greek army.
Epstein advised Staley and helped him advance his career until Staley was set to join British banking conglomerate Barclays as CEO in October 2015, the FCA documented.
Staley was an executive at JP Morgan Chase where the bank provided financial services to Epstein for more than a decade. His relationship with Epstein began around 1999 when Staley was the head of JP Morgan’s private bank and Epstein was a wealthy client of the private bank.
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In August 2015, Staley told Epstein his advice was “the gift of great friendship” after confiding in Epstein throughout his hiring process with Barclays, the FCA report shows. On July 11, 2015, Staley emailed Epstein with the subject matter “B” and Staley said “[a] member of the board just reached out.”
Staley followed up later in the day by forwarding Epstein an email from a member of Barclays’ nominating committee. “Here we go,” Staley told Epstein in the forwarded email. Epstein asked Staley if he had been sent further information by a recruiter and Staley sent Epstein an email summarizing his discussions with a Barclays recruiter, according to the FCA report.
Staley and Epstein continued the “B” conversation on July 20, 2015, when Staley told Epstein a Barclays board member wanted to have a meeting with Staley, according to the FCA report. Epstein and Staley appeared to speak the following day. (RELATED: REPORT: Jeffrey Epstein Tried To Blackmail Bill Gates Over Alleged Affair With Russian Bridge Player)
“It begins,” Staley emailed Epstein on July 23, 2015 following Barclays’ decision to bring in an executive search firm to find a new CEO. “[B]etter if you not email me. phone only,” Epstein told Staley the following day. Staley subsequently sent Epstein blank emails in August and September 2015 with the headers “call my cell” and “call me,” the FCA found.
On Oct. 4, 2015 Staley sent Epstein an email titled “friendship” and gushed over Epstein’s support throughout the Barclays recruiting process, according to the FCA report. “You never wavered in our friendship these last three years. That means a lot too [sic] me. […] Cross your toes!!!” Staley said.
Four days later the Barclays nominating committee decided to recommend Staley to be its next CEO and Staley immediately informed Epstein of the news, the FCA report shows.
“Nominating com approved. Friday, full board votes. I should have the contract by the weekend. We’re very close,” Staley said, according to the FCA report. The next day, Staley was approved by the Barclays board of directors to be the bank’s next CEO, subject to regulatory approval and confirmation by the chairman.
The Financial Times first reported Staley’s upcoming CEO appointment on Oct. 12, 2015, and intense press coverage ensued over the next few days. “The press is all over me. Trying to lie low. Sorry,” Staley told Epstein in an Oct. 15, 2015 email, according to the FCA.
Staley and Epstein worked together to coordinate a response to media inquiries about their relationship and allegations Epstein influenced Barclays’ decision to appoint Staley CEO. The FCA concluded Epstein did not play a role in Staley becoming the CEO of Barclays.
Likewise, Staley worked with Barclays executives and the bank’s legal team to downplay his relationship with Epstein in response to press scrutiny. The FCA concluded Staley “falsely” informed a Barclays executive that he did not discuss the recruiting process with Epstein. Barclays was also not made aware of Staley’s discussions with Epstein related to press inquiries surrounding their relationship, according to the FCA report.
The last email exchange between Staley and Epstein took place on Oct. 25, 2015, three days before Staley’s CEO appointment was officially announced by Barclays. (RELATED: ‘Mostly Fun’: Democrat Megadonor Reportedly Introduced Trump Backer To Jeffrey Epstein)
Epstein was found dead in his New York City jail cell in August 2019 while he was awaiting trial for federal sex trafficking charges. His death was ruled a suicide.
A couple of days afterwards, the FCA began scrutinizing Barclays about Staley’s relationship with Epstein and demanded the bank explain in writing what it did to ensure there was no impropriety.
Barclays responded to the FCA’s request in October 2019 and wrote a letter with two statements that appear to inaccurately describe Staley’s connection to Epstein.
“[Mr Staley] has confirmed to us that he did not have a close relationship with Mr Epstein,” the letter asserts. “[Mr Staley’s] last contact with Mr Epstein was well before he joined Barclays in 2015,” the letter adds, according to the FCA report.
Staley “approved” the letter containing the inaccurate statements and the FCA concluded he misled the regulatory body and Barclays’ board about his relationship with Epstein.
The FCA stated that Staley was aware of Epstein’s sentence but did not release findings on whether he had knowledge of Epstein’s alleged sex crimes following his release from jail and relocation to the USVI. Staley resigned from Barclays in November 2021 after Barclays was initially informed of the FCA findings, according to Reuters.
Communications between Epstein and Staley were previously released during litigation between the U.S. Virgin Islands (USVI) and JP Morgan related to the bank’s alleged role in facilitating Epstein’s international sex trafficking ring. JP Morgan agreed to pay $75 million to settle the USVI lawsuit and the bank separately settled its lawsuit against Staley, JP Morgan announced in September.
JP Morgan and Deutsche Bank previously agreed to settlements with Epstein’s victims. Epstein’s estate sold his property in the USVI in accordance with a $105 million settlement in December 2022.