Bank of England chief pulled into ex-Barclays boss legal drama
Former Barclays leader challenges lifetime City ban over misleading statements about his past connections. Bank of Englandʼs top official to testify in upcoming court battle
Andrew Bailey‚ Bank of Englandʼs leader gets drawn into a complex legal dispute about Jes Staleyʼs past connections. The case focuses on Staleyʼs fight against his permanent City-work ban (which happened bout a year ago) and a hefty £1.8m fine
Last fall the Financial Conduct Authority blocked Staley from high-ranking financial positions; they found he wasnt honest about his links to Jeffrey Epstein. The penalty included losing £18m in company bonus-pay
Bailey who ran FCA till early-2020 before becoming the central bankʼs chief – will share info about late-2019 meetings that discussed Staleyʼs situation. The court hearing is set for early-next-year; Nigel Higgins (Barclays chair-person) will also speak at the proceedings
The main issue centers on a letter from 10/19 where Staley approved text saying he “did not have a close relationship“ with Epstein: this statement wasnʼt true. Their connection started at JP-Morgan where Staley worked before his 2015-to-2021 Barclays leadership
The ex-bank chief keeps saying he cut all Epstein ties after getting the top-job at Barclays. Now hes taking his case to the Upper Tribunal – a higher-level court that could change FCAʼs decision
