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Top Banker Talked of Young Women With Jeffrey Epstein, Court Filing Says

Jes Staley, a former top executive at JPMorgan, is under scrutiny in a U.S. Virgin Islands case over his ties to the disgraced financier.

By Rob Copeland and Matthew Goldstein

The former top JPMorgan Chase executive responsible for the bank’s 15-year relationship with the disgraced financier Jeffrey Epstein swapped sexually suggestive emails about young women with him — even after Mr. Epstein had been convicted of sex crimes in 2008, according to a filing Wednesday in a lawsuit against JPMorgan in federal court.

The document bolstered claims in the original complaint, filed in late December , that James E. Staley, who was the lead private banker of JPMorgan, and Mr. Epstein were unusually close and that the bank should have been aware of the relationship. The two men exchanged more than 1,000 emails, according to the court filing.

Mr. Staley, who goes by Jes, later became the chief executive of the British bank Barclays. But in 2021, the bank pushed him out in the swirl of a regulatory inquiry into his years-earlier relationship with Mr. Epstein and whether he had fully disclosed the extent of those ties before joining Barclays.

Lawyers for the government of the U.S. Virgin Islands said in the amended civil complaint that Mr. Epstein had emailed Mr. Staley “photos of young women in seductive poses,” and that the two had engaged in “discussions of sex with young women.” The complaint is against JPMorgan, and Mr. Staley is not a defendant.

The lawsuit said, “JPMorgan had a more than close-up view of Epstein’s sex-trafficking” of young women because of Mr. Staley’s close relationship to Mr. Epstein.

The original complaint was heavily redacted, with much of the more salacious allegations involving Mr. Staley hidden from public view until Wednesday.

In December, the attorney general of the U.S. Virgin Islands sued JPMorgan in Manhattan , saying the bank should have known about Mr. Epstein’s activities on Little St. James Island, an island off St. Thomas that he owned. Dozens of women have come forward to say they were victims of Mr. Epstein’s sexual abuse as teenagers or young adults.

His estate has paid out more than $125 million in settlements and recently agreed to pay more than $105 million to the Virgin Islands government to settle another lawsuit filed by the attorney general’s office.

JPMorgan has moved to dismiss the Virgin Islands suit. Mr. Staley has confirmed that he was friendly with Mr. Epstein, but said he had never known of any allegations beyond Mr. Epstein’s earlier guilty plea. Mr. Epstein died of an apparent suicide in a Manhattan jail cell in 2019 while awaiting trial on federal sex-trafficking charges.

JPMorgan and a lawyer for Mr. Staley declined to comment.

Shortly after the lawsuit was filed, the governor of the Virgin Islands, Albert Bryan, fired Denise N. George as attorney general on New Year’s Eve. The firing was partly over tensions arising from Ms. George’s handling of a three-year investigation into Mr. Epstein’s dealings in the Virgin Islands. An interim attorney general, who was one of Ms. George’s deputies, has continued the lawsuit.

Unlike some of Mr. Epstein’s other high-profile associates, Mr. Staley maintained a relationship with the financier after he pleaded guilty in 2008 to a prostitution charge involving an underage girl. In 2013, Mr. Epstein listed Mr. Staley as a reference in an application for a banking license from the Virgin Islands. The Virgin Islands’ filing this week adds to the evidence of an extensive relationship between the two men.

In one exchange before Mr. Staley visited Mr. Epstein on Little St. James in August 2009, Mr. Epstein asked if the banker needed anything, and Mr. Staley replied simply, “Yup.”

“Soon after, JPMorgan wired $3,000 from an Epstein account” to an Eastern European woman, prosecutors said.

About a year later, Mr. Staley emailed Mr. Epstein after another visit to say: “That was fun. Say hi to Snow White.” Prosecutors said the reference and another one to a Disney princess were code words for young women or girls.

Rob Copeland covers Wall Street and banking. More about Rob Copeland

Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

Accessibility Links

Jes Staley, the yacht and a visit to Epstein’s island

Five years ago, a copy of Jeffrey Epstein’s infamous little black book of contacts was published online by Gawker, the now defunct American blog.

The 92-page address book, which came to light after a court case, laid bare the sex offender’s extensive network of contacts, ranging from billionaires and actors to Ehud Barak, the former Israeli prime minister. One of the Wall Street financiers whose details were listed was Jes Staley. Epstein had multiple phone numbers for Mr Staley.

Little more than eight months after the book appeared online, with phone numbers redacted, in 2015 Mr Staley, 63, was named as the chief executive of Barclays.

The appointment catapulted the American banker, who had been best known for his time as a top executive at

Related articles

Jes Staley, JPMorgan, and the $80m clawback

Jes Staley’s time of cruising around one of the finest wooden yachts ever may be coming to an end. The ex-Barclays CEO and ex-head of JPMorgan’s private bank and wealth management division already had £22m of Barclays bonuses withheld while the bank investigates his links to alleged paedophile Jeffrey Epstein, now he stands to lose $80m+ of his earnings from JPMorgan too.

Staley spent 30 years working for JPMorgan and left in 2013. The $80m refers to his earnings at the bank for seven years until he left. Bloomberg reports that JPMorgan also wants Staley to pay any fines associated with the outcome of two civil lawsuits brought against JPMorgan by one of Epstein’s victims and by the US Virgin Islands.  

Staley has steadfastly denied any knowledge of Epstein’s alleged abuse. JPMorgan’s decision to accuse him of deception and to seek to recoup past compensation marks a dramatic change in approach for the bank which had hitherto supported its former executive. Instead, the bank now says that "his acts of disloyalty occurred repeatedly, lasted for years, and persisted despite numerous opportunities to correct them.”

For 66-year-old Staley, the return of $80m would be a significant dent to his net worth, put by possibly spurious sources at $120m. There are assets to be sold, but not that many: the boat, a Hamptons Estate purchased for $13m  a month after leaving Barclays in December 2021. Staley would likely be ruined.  

Is there a precedent for a clawback of this magnitude? Christian Bittar , the former Deutsche Bank Euribor trader gave up around $53m in bonuses when he left Deutsche in 2011 and was subsequently fined a further $17m by the FCA. Bittar, who was 46 at the time, was sentenced to five year in prison in 2018, but was let out early for good behaviour.

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Epstein-Staley Emails Chronicle Friendship Forged at JPMorgan

By Harry Wilson, Ava Benny-Morrison and Jonathan Browning

Sitting on his yacht in January 2011, Jes Staley was taking time out from running one of the world’s largest investment banks to enjoy the fruits of his success.

“Anchored in Chrismas [ sic ] Cove,” Staley wrote in an email to Jeffrey Epstein from his 91-foot yacht moored in the US Virgin Islands. “Heaven is being on Bequia. Safe travels to Paris. And, as always, thanks for the friendship.”

That month marked a high point for the relationship between the two men. In the space of a few weeks, Epstein provided Staley with use of his private Caribbean island, ...

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Newly Revealed Jeffrey Epstein Emails Are Pretty Gross

When the civil suit against Prince Andrew was settled in January 2022 and Ghislaine Maxwell was sentenced a month later to 20 years in prison, there was a sense that any remaining details about Jeffrey Epstein’s alleged child sex-trafficking ring would probably stay buried. But there’s still one legal avenue that could unearth more information on the financier’s deep connections to the elite worlds of politics, entertainment, and finance — the Virgin Islands attorney general’s focus on Epstein, whose private-island estates fell within the territory’s jurisdiction.

That effort includes a recent lawsuit brought forth by the attorney general’s office accusing JPMorgan Chase of benefiting from its business with Epstein from 2008 to 2013. A filing this week in the case in federal court in Manhattan revealed a cache of emails from former JPM executive Jes Staley to the convicted sex criminal. The filing, which opposes JPMorgan’s attempt to dismiss the lawsuit, states that between 2008 and 2010, Staley and Epstein emailed each other over 1,000 times, with Staley using his work email to contact the financier — who was sentenced to 18 months in prison for soliciting prostitution of a minor during that period.

At the time, Staley was the head of JPMorgan Chase’s private-banking division and Epstein was known for connecting him to rich clients who would sign up for the bank’s services. Over the years, the records show that they chatted about Little St. James and how Staley could negotiate a better salary; Epstein also sent Staley pictures of young women, and after one meeting in 2010, Staley looked back on their time together:

Staley: “That was fun. Say hi to Snow White.” Epstein: “[W]hat character would you like next?” Staley: “Beauty and the Beast.”

The lawsuit argues that JPMorgan “continued to facilitate and sustain Epstein’s sex trafficking” after the 2008 conviction and that the bank financially benefited off its relationship with Epstein by allowing his payments to his recruiters and victims to be processed. Internal JPMorgan emails obtained in the inquiry state that ditching Epstein would have lost the bank a $120 million account in 2008 and that keeping his business was a top decision “pending Dimon review,” referring to CEO Jamie Dimon. (JPMorgan has denied wrongdoing.) The attorney general’s office seeks an unnamed amount of damages and restitution in the case.

Staley has already taken a hit for his connections to Epstein. In November 2021, he resigned from his position as Barclays CEO after an internal investigation by the British multinational — even though Staley said previously that he had been “transparent and open” about his connections to Epstein in the past.

In another twist fueling the many conspiracies surrounding Epstein and his apparent suicide, the Virgin Islands attorney general who filed the suit against JPMorgan has also faced blowback: On New Year’s Eve, days after suing JPMorgan, Virgin Islands governor Albert Bryan Jr. fired AG Denise George despite her winning a $105 million settlement with the Epstein estate in November 2022. Reports into her firing suggest unrelated political tension between the two, and an acting attorney general is now overseeing the suit.

• jeffrey epstein
• jpmorgan chase

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40 facts about elektrostal.

Written by Lanette Mayes

Modified & Updated: 02 Mar 2024

Reviewed by Jessica Corbett

Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to captivate you.

This article will provide you with 40 fascinating facts about Elektrostal, giving you a better understanding of why this city is worth exploring. From its origins as an industrial hub to its modern-day charm, we will delve into the various aspects that make Elektrostal a unique and must-visit destination.

So, join us as we uncover the hidden treasures of Elektrostal and discover what makes this city a true gem in the heart of Russia.

Key Takeaways:

• Elektrostal, known as the “Motor City of Russia,” is a vibrant and growing city with a rich industrial history, offering diverse cultural experiences and a strong commitment to environmental sustainability.
• With its convenient location near Moscow, Elektrostal provides a picturesque landscape, vibrant nightlife, and a range of recreational activities, making it an ideal destination for residents and visitors alike.

Known as the “Motor City of Russia.”

Elektrostal, a city located in the Moscow Oblast region of Russia, earned the nickname “Motor City” due to its significant involvement in the automotive industry.

Home to the Elektrostal Metallurgical Plant.

Elektrostal is renowned for its metallurgical plant, which has been producing high-quality steel and alloys since its establishment in 1916.

Boasts a rich industrial heritage.

Elektrostal has a long history of industrial development, contributing to the growth and progress of the region.

Founded in 1916.

The city of Elektrostal was founded in 1916 as a result of the construction of the Elektrostal Metallurgical Plant.

Located approximately 50 kilometers east of Moscow.

Elektrostal is situated in close proximity to the Russian capital, making it easily accessible for both residents and visitors.

Known for its vibrant cultural scene.

Elektrostal is home to several cultural institutions, including museums, theaters, and art galleries that showcase the city’s rich artistic heritage.

A popular destination for nature lovers.

Surrounded by picturesque landscapes and forests, Elektrostal offers ample opportunities for outdoor activities such as hiking, camping, and birdwatching.

Hosts the annual Elektrostal City Day celebrations.

Every year, Elektrostal organizes festive events and activities to celebrate its founding, bringing together residents and visitors in a spirit of unity and joy.

Has a population of approximately 160,000 people.

Elektrostal is home to a diverse and vibrant community of around 160,000 residents, contributing to its dynamic atmosphere.

Boasts excellent education facilities.

The city is known for its well-established educational institutions, providing quality education to students of all ages.

A center for scientific research and innovation.

Elektrostal serves as an important hub for scientific research, particularly in the fields of metallurgy, materials science, and engineering.

Surrounded by picturesque lakes.

The city is blessed with numerous beautiful lakes, offering scenic views and recreational opportunities for locals and visitors alike.

Well-connected transportation system.

Elektrostal benefits from an efficient transportation network, including highways, railways, and public transportation options, ensuring convenient travel within and beyond the city.

Famous for its traditional Russian cuisine.

Food enthusiasts can indulge in authentic Russian dishes at numerous restaurants and cafes scattered throughout Elektrostal.

Home to notable architectural landmarks.

Elektrostal boasts impressive architecture, including the Church of the Transfiguration of the Lord and the Elektrostal Palace of Culture.

Offers a wide range of recreational facilities.

Residents and visitors can enjoy various recreational activities, such as sports complexes, swimming pools, and fitness centers, enhancing the overall quality of life.

Provides a high standard of healthcare.

Elektrostal is equipped with modern medical facilities, ensuring residents have access to quality healthcare services.

Home to the Elektrostal History Museum.

The Elektrostal History Museum showcases the city’s fascinating past through exhibitions and displays.

A hub for sports enthusiasts.

Elektrostal is passionate about sports, with numerous stadiums, arenas, and sports clubs offering opportunities for athletes and spectators.

Celebrates diverse cultural festivals.

Throughout the year, Elektrostal hosts a variety of cultural festivals, celebrating different ethnicities, traditions, and art forms.

Electric power played a significant role in its early development.

Elektrostal owes its name and initial growth to the establishment of electric power stations and the utilization of electricity in the industrial sector.

Boasts a thriving economy.

The city’s strong industrial base, coupled with its strategic location near Moscow, has contributed to Elektrostal’s prosperous economic status.

Houses the Elektrostal Drama Theater.

The Elektrostal Drama Theater is a cultural centerpiece, attracting theater enthusiasts from far and wide.

Popular destination for winter sports.

Elektrostal’s proximity to ski resorts and winter sport facilities makes it a favorite destination for skiing, snowboarding, and other winter activities.

Promotes environmental sustainability.

Elektrostal prioritizes environmental protection and sustainability, implementing initiatives to reduce pollution and preserve natural resources.

Home to renowned educational institutions.

Elektrostal is known for its prestigious schools and universities, offering a wide range of academic programs to students.

Committed to cultural preservation.

The city values its cultural heritage and takes active steps to preserve and promote traditional customs, crafts, and arts.

Hosts an annual International Film Festival.

The Elektrostal International Film Festival attracts filmmakers and cinema enthusiasts from around the world, showcasing a diverse range of films.

Encourages entrepreneurship and innovation.

Elektrostal supports aspiring entrepreneurs and fosters a culture of innovation, providing opportunities for startups and business development.

Offers a range of housing options.

Elektrostal provides diverse housing options, including apartments, houses, and residential complexes, catering to different lifestyles and budgets.

Home to notable sports teams.

Elektrostal is proud of its sports legacy, with several successful sports teams competing at regional and national levels.

Boasts a vibrant nightlife scene.

Residents and visitors can enjoy a lively nightlife in Elektrostal, with numerous bars, clubs, and entertainment venues.

Promotes cultural exchange and international relations.

Elektrostal actively engages in international partnerships, cultural exchanges, and diplomatic collaborations to foster global connections.

Surrounded by beautiful nature reserves.

Nearby nature reserves, such as the Barybino Forest and Luchinskoye Lake, offer opportunities for nature enthusiasts to explore and appreciate the region’s biodiversity.

Commemorates historical events.

The city pays tribute to significant historical events through memorials, monuments, and exhibitions, ensuring the preservation of collective memory.

Promotes sports and youth development.

Elektrostal invests in sports infrastructure and programs to encourage youth participation, health, and physical fitness.

Hosts annual cultural and artistic festivals.

Throughout the year, Elektrostal celebrates its cultural diversity through festivals dedicated to music, dance, art, and theater.

Provides a picturesque landscape for photography enthusiasts.

The city’s scenic beauty, architectural landmarks, and natural surroundings make it a paradise for photographers.

Connects to Moscow via a direct train line.

The convenient train connection between Elektrostal and Moscow makes commuting between the two cities effortless.

A city with a bright future.

Elektrostal continues to grow and develop, aiming to become a model city in terms of infrastructure, sustainability, and quality of life for its residents.

In conclusion, Elektrostal is a fascinating city with a rich history and a vibrant present. From its origins as a center of steel production to its modern-day status as a hub for education and industry, Elektrostal has plenty to offer both residents and visitors. With its beautiful parks, cultural attractions, and proximity to Moscow, there is no shortage of things to see and do in this dynamic city. Whether you’re interested in exploring its historical landmarks, enjoying outdoor activities, or immersing yourself in the local culture, Elektrostal has something for everyone. So, next time you find yourself in the Moscow region, don’t miss the opportunity to discover the hidden gems of Elektrostal.

Q: What is the population of Elektrostal?

A: As of the latest data, the population of Elektrostal is approximately XXXX.

Q: How far is Elektrostal from Moscow?

A: Elektrostal is located approximately XX kilometers away from Moscow.

Q: Are there any famous landmarks in Elektrostal?

A: Yes, Elektrostal is home to several notable landmarks, including XXXX and XXXX.

Q: What industries are prominent in Elektrostal?

A: Elektrostal is known for its steel production industry and is also a center for engineering and manufacturing.

Q: Are there any universities or educational institutions in Elektrostal?

A: Yes, Elektrostal is home to XXXX University and several other educational institutions.

Q: What are some popular outdoor activities in Elektrostal?

A: Elektrostal offers several outdoor activities, such as hiking, cycling, and picnicking in its beautiful parks.

Q: Is Elektrostal well-connected in terms of transportation?

A: Yes, Elektrostal has good transportation links, including trains and buses, making it easily accessible from nearby cities.

Q: Are there any annual events or festivals in Elektrostal?

A: Yes, Elektrostal hosts various events and festivals throughout the year, including XXXX and XXXX.

Was this page helpful?

Our commitment to delivering trustworthy and engaging content is at the heart of what we do. Each fact on our site is contributed by real users like you, bringing a wealth of diverse insights and information. To ensure the highest standards of accuracy and reliability, our dedicated editors meticulously review each submission. This process guarantees that the facts we share are not only fascinating but also credible. Trust in our commitment to quality and authenticity as you explore and learn with us.

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Old ghosts of Staley – and Epstein – haunt Barclays once again

A new lawsuit against its former boss does not involve the bank, but awkward questions may be asked at this week’s AGM

Barclays could be forgiven for thinking it was out of the woods after parting ways with its chief executive, Jes Staley , in 2021, amid regulators’ concerns over his relationship with convicted sex offender Jeffrey Epstein.

At the time, the board – which had already backed the boss over a separate whistleblower scandal in 2018 – seemed assured by Staley’s account of events. The bank even expressed disappointment over his departure as he prepared to challenge a (yet-to-be-released) UK investigation into the way he had characterised his ties to the disgraced financier.

But two years later, bosses as Barclays have been forced to backpedal, amid what they say are “new and serious allegations” laid out in lawsuits aimed at Staley and his former employer, JP Morgan. And as shareholders gear up for the Barclays AGM in London this week, bosses are steeling themselves for a grilling over whether they placed undue trust in the former chief executive.

The American banking boss first developed a relationship with Epstein in 2000 when he was hired to lead the private bank at JP Morgan, where Epstein was already a client. And while it is common for bankers to work closely with lucrative clients, Staley controversially stayed in touch with Epstein for seven years after the financier was convicted of soliciting prostitution from a minor in 2008 . He visited Epstein in Florida while he was out on work release from his sentence in 2009.

The ex-Barclays boss said the relationship started to “taper off” after he left the US bank, with contact becoming “much less frequent” before ceasing altogether in 2015 – the year he joined Barclays. But the pair remained close enough that Staley’s final visit involved sailing his own yacht, the Bequia, to Epstein’s private Caribbean island that final year.

The “new and serious” allegations have been laid out in two separate lawsuits aimed at JP Morgan. They claim that Staley, a former JP Morgan employee, “observed victims personally”, including “visiting young girls at Epstein’s apartments”, and also exchanged 1,200 emails with the late financier which included photos of young women in seductive poses and referred to women by the names of Disney princesses.

One of the cases has been lodged by the US Virgin Islands, where Epstein had a home on the private island of Little St James, while the other has been filed by a woman known only as Jane Doe 1.

JP Morgan has said the lawsuits are “misplaced and without merit”. But it is suing Staley in turn, in an attempt to make him liable for penalties it may face as a result of them. It is also trying to claw back millions of dollars that he was paid while working for the US bank.

Staley denies the allegations, which his lawyer has said are “baseless but serious”. The lawsuits will go to trial in October.

While Barclays itself is not party to any of the proceedings, the leading proxy adviser Institutional Shareholder Services (ISS) – which helps shareholders, including large pension funds and asset managers, decide how to vote at AGMs – has told investors that they are well within their rights to question Barclays “as to its judgment in supporting Mr Staley between 2019 and 2021”.

Glass Lewis, another proxy adviser, said that while it welcomed the bank’s decision to suspend any of Staley’s remaining bonus payouts, it would “continue to monitor this issue going forward”.

The scandal has also brought an old agitator, Edward Bramson, out of the woodwork. The former activist investor – who previously held a stake in Barclays via his investment vehicle Sherborne Investors – said Barclays should investigate how individual board members handled the matter and communicated developments to shareholders.

Bramson also said the bank should establish whether any board members were pushed to back Staley, despite having reservations about the potential risks to the bank’s reputation. If necessary, any offending board members should be banned from serving as directors at any regulated firm, he said.

Individual shareholders, who tend to be more outspoken than the pension funds and asset managers that hold Barclays shares, are likely to raise the most fuss this week.

Large institutional shareholders appear to be wary of being involved in any stories linked to Epstein and his trafficking operations. None of the 18 institutional investors contacted by the Observer – including BlackRock, Legal & General and Fidelity – would comment on whether they were engaging with Barclays on the matter.

Barclays’s current chief executive – CS Venkatakrishnan, Staley’s successor – acknowledged during the bank’s first-quarter results call last Thursday that the allegations against Staley were “serious”. But given that Barclays was not party to the court cases, he said, he was in “no position to comment”.

Barclays pointed to statements released last month as part of its AGM notice. That notice explained that Barclays’s actions at the time were “based on the information it had at the time and representations made by Mr Staley”.

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Barclays chief Staley fined £640,000 over whistleblowing scandal

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Jes Staley, Barclays ’ chief executive, has been fined a total of £642,430 — representing just 14 per cent of his total compensation — by the UK’s financial regulators for trying to uncover the identity of an anonymous whistleblower .

Barclays will avoid any sanction by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority, but will have to tighten its whistleblowing systems and annually report back to the watchdogs, the regulators announced in a joint statement on Friday.

The bank already revealed last month that Mr Staley would not be banned by the regulators over the affair. It said on Friday that it has docked Mr Staley’s 2016 bonus by £500,000 over the issue. His aggregate financial loss of £1.14m is equivalent to 27 per cent of his total compensation for that year.

“I have consistently acknowledged that my personal involvement in this matter was inappropriate, and I have apologised for mistakes which I made,” Mr Staley said in a statement.

The investigation was the first public probe by the regulators under a tough new regime designed to improve accountability, where senior managers risk a ban or a fine for failings on their watch.

The watchdogs’ conclusion means that Mr Staley becomes the first CEO of a major financial institution to be fined by the financial regulators and keep his job.

His penalty surpasses Tidjane Thiam , Credit Suisse ’s chief executive, who landed a regulatory censure for laggardly disclosure of a mooted $35.5bn takeover of a rival when he headed Prudential .

The regulators’ decision not to ban him over the affair already sparked concern that whistleblowers would be put off from coming forward in the future.

“I’m sorely disappointed yet again by the FCA. This is simply bus money for Jes Staley and sends entirely the wrong message,” said Mary Inman, a lawyer at Constantine Cannon who represents whistleblowers. “The takeaway for other bankers is that you can try to unmask a whistleblower and just get a slap on the wrist and keep your job. It’s tone-deaf of the FCA, particularly at a time of profound societal change through people speaking up.”

The regulators said on Friday that Mr Staley co-operated with their investigations and so qualified for a 30 per cent discount on a fine that otherwise would have been more than £900,000.

The UK watchdogs’ determination is not the end of the matter, however. New York’s Department of Financial Services — known for its heavy penalties on banks — is still investigating and is yet to publish its findings.

The investigations turn on events in summer 2016, when Mr Staley tried to find out who had written allegations to the board accusing him of covering up the personal problems of a friend, Tim Main, with whom he worked at JPMorgan Chase​, when his former colleague was hired by Barclays.

According to the regulatory published findings , Barclays’ board received two letters expressing concern about the hiring of an individual whom regulators identify only as “Employee A”. Mr Staley thought the allegations were malicious and “was concerned the allegations were an attack on Employee A and that they could undermine his ability to hire senior individuals from competitor firms”.

The first letter, signed by “John Q Public”, purported to come from a shareholder but not an employee — and therefore Mr Staley felt he could identify the sender — while the second letter purported to come from employees and the CEO correctly assumed he could not identify the authors.

New rules took effect in September 2016 that broadened the definition of a whistleblower beyond company employees. Barclays’ policy that summer allowed for the identification of a whistleblower if the claims were thought to be malicious.

The regulators found that Mr Staley had not identified his conflict of interest in the allegations and had not sufficiently let compliance take control of the matter. He “instead allowed his own interest in the complaint to override his objectivity,” according to the findings.

“Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistleblowing procedures,” said Mark Steward, the FCA’s head of enforcement.

“Whistleblowers play a vital role in exposing poor practice and misconduct in the financial services sector. It is critical that individuals are able to speak up anonymously and without fear of retaliation if they want to raise concerns.”

The £1.1m hit is unlikely to make much of a dent on Mr Staley’s wealth. The 61-year-old spent 34 years at JPMorgan, working his way up to the top tier of managers including running its asset management and investment banking divisions.

In 2013, the Boston-born banker left JPMorgan, where top executives regularly earn more than $10m a year, to join BlueMountain Capital, a leading US hedge fund. His 90-foot handmade yacht, Bequia, is named after the Caribbean island where he and his Brazilian wife honeymooned.

When he joined Barclays, the UK bank paid him a “golden handshake” of £1.93m to buy him out of unvested bonuses from his time at JPMorgan. His maximum annual pay at Barclays, if he hits all targets, is £8.3m.

While Mr Staley has kept his job, others have left the bank following the matter. The bank’s head of whistleblowing in 2016, Jonathan Cox , has left the bank. He withdrew an employment tribunal claim as part of a confidential settlement with Barclays. Troels Oerting , the bank’s head of security at the time whom Mr Staley approached to identify the sender of the letter, is now at the World Economic Forum.

“The board takes Barclays’ culture and the integrity of its controls extremely seriously,” said Barclays chairman John McFarlane. “The board is pleased that the FCA and PRA’s investigations have concluded and are now behind us. The board has reiterated its support for Jes, as have shareholders at last week’s annual general meeting.”

What Staley did wrong: charges in detail

Conflict of interest

The Barclays boss was directly implicated in complaints made in a letter sent to a board member and signed by John Q. Public on June 21 2016. The allegations were about Tim Main, a former JPMorgan colleague of Mr Staley, who Barclays had recently hired. Mr Staley viewed the letter as malicious and asked his security team to identify its author, whom he believed was another former colleague. He also shared the letter with two former colleagues from JPMorgan.

FCA verdict: Mr Staley had a conflict of interest on the letter and should have kept an appropriate distance, not interfered in his compliance team’s investigation into the letter or shared it with people outside the bank.

Unreasonable action

A second letter, making similar allegations, was sent to a US employee of Barclays purportedly from a group of staff members on June 24 2016. Mr Staley was told not to try to identify the author of the letters as they might be treated as whistleblowers in a meeting with his chief of staff, head of compliance, general counsel, and director of human resources.

After a fortnight, Mr Staley’s office was told the letters were being treated as whistleblowing. The next day, the Barclays boss was told the initial letter’s allegations appeared to be unsubstantiated. He took this to mean he could tell his security team to resume their search to unmask the letter’s author, which they did — including asking the US postal service for video footage of who posted it — without informing the compliance team or anyone on his board of directors.

FCA verdict: Mr Staley should have sought advice from whistleblowing experts. Instead he acted unreasonably in trying to unmask the first letter’s author without getting expressed clearance to do so or informing the relevant people of what he was doing. This risked undermining confidence in Barclays’ whistleblowing policy.

Disregard for rules

When the two letters were received by Barclays, the UK’s whistleblowing rules were in flux. A new regime was coming into force on September 7 2016, which would extend the definition of whistleblowers beyond employees to anyone raising a “reportable concern”. Mr Staley believed that because the first letter was purportedly from a non-employee he could try to find out their identity.

FCA verdict: Mr Staley should have realised there was a risk that the first letter came from a Barclays employee, particularly after the second one was purportedly sent by a group of employees. With the rules in flux, he should also have been particularly sensitive to whistleblowing issues.

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