Jes Staley tells court that City regulator ‘seeks to destroy’ his reputation over Epstein ties
The former Barclays chief executive Jes Staley has accused the UK’s financial regulator of seeking to “destroy” his reputation built up over a 43-year career in banking and making “no attempt” to understand his relationship with child sex offender Jeffrey Epstein.Staley took the witness box for the first time on a Monday at the start of the second week of a high-profile legal challenge in London.It marked the first time the former UK banking boss has given any detailed public account of his experience with Epstein or the Financial Conduct Authority’s (FCA) investigation.The 68-year-old is trying to overturn the FCA’s decision to issue him with a lifetime ban from the City, alleging he lied about the depth of his ties with Epstein, who died in August 2019 while awaiting trial over charges on trafficking underage girls for sex.The FCA had been investigating claims in a letter sent by the Barclays chair to the regulator in October 2019 stating: “Jes has confirmed to us that he did not have a close relationship with Mr Epstein.
”Staley, who appeared in court in a dark grey suit and pink tie, hit out at the regulator, saying he was not given the opportunity to properly account for his side of the story, particularly how the relationship with the late financier developed after Staley became head of JP Morgan’s (JPM) private bank – where Epstein was a client – in the early 2000s.He described their relationship as “professionally fairly close”.Staley said in a witness statement submitted to the upper tribunal: “No attempt has been made understand the true nature of the relationship between the bank such as JPM [JP Morgan] and a man of Mr Epstein’s then reputation and contacts.“The context in which the letter of 8 October 2019 was drafted and approved has carried no weight with the FCA despite the fact that it was obvious to all concerned that it was intended to be construed with any degree of precision.“Despite this and the facts to which I have referred in this statement, the FCA seeks to destroy my reputation as a banker with 43 years’ experience and with a significant record of achievement for Barclays.
”He also claimed his reputation had been “irretrievably damaged”.Staley resigned over the FCA’s investigation in 2021.The FCA is alleging the pair had a relationship that “went beyond one that was professional in nature”, in which Epstein messaged Staley about sex, women and foreign holidays, and worked behind the scenes to bolster Staley’s career by liaising with government officials, business leaders and royalty.Staley added that he deeply regrets associating with Epstein, given “there is now clear evidence that he was a serial sex offender”.But the former Barclays chief admitted that he previously “liked him” and that Epstein was “instrumental” in introducing him to influential people, including Peter Mandelson, during his time as the business secretary under the previous Labour government.
Staley is arguing that he was always transparent about his ties to Epstein, including with members of the bank’s board.However, the Barclays chair, Nigel Higgins – who has been in post since 2019 – said he never knew the two men were still in phone and email contact up to Staley’s appointment as chief executive in October 2015.That is despite having declared to the FCA that the last contact between the ex-boss and the child sex offender was “well before” Staley joined Barclays.“I was not aware of that at the time the response to the FCA’s question was being drafted,” he said, but admitted in a witness statement: “I did not ask Mr Staley the date of his last contact with Mr Epstein.” Higgins appeared in court to give evidence earlier on Monday.
Staley said he called Epstein after his appointment to Barclays in October 2015 to say the pair could no longer be in contact – following the bank’s advice – but had previously been speaking to Epstein about his application to become chief executive.“I have never attempted to conceal my relationship with Jeffrey Epstein nor have I ever been evasive about it,” Staley said in his witness statement.“If I had known it was to be found that he was a prolific sex offender, I would not have had a relationship with him at all.”The hearing is due to continue until at least Friday.
Chessum claims hostility from fans will ‘rev up’ England for Wales showdown
England are braced for a “hostile” welcome on and off the field in Cardiff when they head across the Severn Bridge for the final Six Nations instalment this weekend. The lock Ollie Chessum has not forgotten some of the abuse directed at England’s players by Welsh fans two years ago and he suggests it will “rev up” the visitors for the game at the Principality Stadium on Saturday.Chessum, who was named player of the match after his side’s seven‑try win against Italy on Sunday, says England are determined to finish their campaign on a high note and are fully prepared for the “special” reception they receive before Six Nations games in Cardiff, most recently in 2023.“We were there for two days prior to the game and everywhere the bus goes abuse seems to follow,” said Chessum, who is now back fit and firing after an injury-hit year.“On the day of the game that last half-mile stretch [to the stadium] is just packed with fans
New-look Cheltenham festival delivers day of drama for smaller audience
Once the gasps had subsided following a Champion Hurdle that upended every script and expectation, a most unlikely serenade began. “Oh, Jeremy Scott!” the Cheltenham crowd sang, the voices getting louder and meatier with every refrain. “Oh, Jeremy Scott!”Scott, the trainer of the shock 25‑1 winner Golden Ace, smiled at the absurdity of it all, before finding the perfect response from Only Fools And Horses. “As Del Boy says: ‘Who dares wins, Rodney.’”Who dares wins indeed
PGA Tour could name and shame slow-play offenders after player unrest
The PGA Tour may be unable to conclude a deal to unify professional golf but there is, finally, progress on another key issue for spectators: slow play. Speaking ahead of the Players Championship, the Tour’s commissioner, Jay Monahan, revealed the imminent arrival of new sanctions which could include the naming and shaming of offenders.The two-time major champion Collin Morikawa had already made clear that the PGA Tour’s current pace of play policies – which only occasionally sees golfers fined – are unfit for purpose. “I think you just have to start stroking guys and giving guys actual penalties, whether it be strokes or FedExCup [points],” Morikawa said. “What I’ve learned is that monetary fines are useless
Dick McTaggart obituary
When the Scottish boxer Dick McTaggart flew back from the 1956 Olympic Games in Australia, where he had won the gold medal in the lightweight division, nothing could have prepared him for the hero’s welcome he was given after travelling by train back to his home in Dundee. He was lifted on to the platform by two fellow boxers and carried out of the station, where he was besieged by hordes of well-wishers before being borne in an open-topped vehicle to his tenement home in the tough Dens Road area of the city, with fans lining the two-mile route.McTaggart, who has died aged 89, remembered it all clearly in old age, even after dementia had begun to dim his recall of more recent events. “It was fantastic. Tears were running down my face,” he said
Cheltenham festival day two tips: Jonbon can break his meeting hoodoo
A victory at the festival is the only notable omission from the remarkably consistent Jonbon’s racing record and he will be a heavy favourite to finally make it into the winner’s enclosure when he lines up for the Queen Mother Champion Chase on Wednesday.Jonbon has been beaten just three times in 20 career starts and all three defeats were at Cheltenham, but he ran out an easy winner of the Shloer Chase over track and trip in November and has plenty in hand of his opposition on ratings.He also saw off Energumene, the winner of this race in 2022 and 2023, with something to spare at Ascot in January and while Marine Nationale, the Supreme winner over hurdles in 2023, is an interesting and fresh opponent, he would need to step up significantly on his form over fences to date to stand any chance against an in-form Jonbon (4.00).Cheltenham 1
Boom or bust: NRL and AFL clubs gamble with their future amid growing player deals | Jack Snape
It usually takes a lot to move North Queensland Cowboys middle Jason Taumalolo, the 31-year-old forward who has made a remarkable living in almost 15 years as an NRL heavy. Sometimes, a few words are enough.A Channel Nine reporter last week asked the hulking prop, seated for an interview ahead of round one, whether he could play on beyond this season. “Ah,” Taumalolo replied, leaning back with an awkward smile, before shifting his near-120kg frame left then right in obvious mental if not physical discomfort.“Fingers crossed, at this stage, I can still see myself, but a lot can happen between now and then, and it’s not getting any easier too,” Taumalolo said
New name but same old struggles for Boohoo
Peter Starbuck obituary
The making of Elon Musk: how did his childhood in apartheid South Africa shape him?
Skype shutdown surfaces sweet memories: ‘I proposed marriage’
Golden Ace wins most dramatic Champion Hurdle in living memory
Cheltenham festival: Golden Ace claims shock Champion Hurdle – as it happened