Ex-Barclays chief Jes Staley has told a court he was ‘close’ professionally to Jeffrey Epstein – and that the paedophile financier introduced him to Peter Mandelson.
But Staley said he now deeply regrets his association with the ‘serial sex offender’.
The former bank chief executive set out a detailed account of his links with Epstein – and listed other prominent figures who knew him – for the first time since he quit Barclays in 2021 following a City watchdog probe over their relationship.
Staley is appealing against a £1.8m fine imposed by the Financial Conduct Authority (FCA), which alleges that he ‘recklessly’ misled it.
Barclays had told the FCA in a 2019 letter that the two men were not ‘close’ but the watchdog says a cache of emails from Staley’s former employer JP Morgan cast doubt on that claim.
But in a witness statement, Staley accused the FCA of seeking ‘to destroy my reputation as a banker with 43 years’ experience’.
In a series of testy exchanges with Leigh-Ann Mulcay KC, representing the watchdog, Staley repeatedly stressed that he had a ‘close, professional’ but not ‘personal’ relationship with Epstein.
And the 68-year-old, wearing a dark grey suit and pink tie, insisted: ‘I was trying to be honest and direct with the FCA.’
Jes Staley said he now deeply regrets his association with the ‘serial sex offender’. The former bank chief executive is appealing against a £1.8m fine imposed by the Financial Conduct Authority
Jeffrey Epstein killed himself in a US prison in 2019
Mr Staley quit Barclays in October 2021 after the FCA informed him of its preliminary conclusions
In his statement to the court, Staley said Epstein was ‘an individual with remarkable connections and a willingness to assist with networking and introductions’ with access to ‘many prominent and influential individuals’.
He said Epstein’s contacts included former US president Bill Clinton, Microsoft founder Bill Gates, former US Treasury Secretary Larry Summers and Google founders Larry Page and Sergei Brin.
Mr Staley said in his statement that Epstein was ‘instrumental in introducing me to a wide range of people, including some of the above’ as well as Peter Mandelson – a prominent Labour figure who is now Britain’s ambassador to Washington – at the time when he was business secretary in a previous government.
He spoke of attending around one dinner a year at Epstein’s home ‘with people such as Larry Summers or Bill Gates’.
Epstein was jailed for child sex offences in 2008 and was arrested again in 2019. He died in prison that year while awaiting trial for sex trafficking offences.
Mr Staley said while Epstein had not been tried over the claims ‘there is now clear evidence that he was a serial sex offender’ adding: ‘As such, he is an individual with whom I deeply regret my association.’
He added: ‘At the height of his commercial reputation he advised a wide range of influential and respected individuals, all of whom I believe must also regret their association with him.’
Mr Staley said he had believed Epstein’s 2008 conviction was an ‘isolated transgression’ and that after his release ‘many people stood by him, including a wide range of influential persons’.
Mr Staley arrives at High Court in London yesterday for legal challenge against his ban from the UK finance industry over his friendship with Jeffrey Epstein
Mr Staley (far left) is seen in an undated photo with Epstein. From left: Staley, Larry Summers, Jeffrey Epstein, Bill Gates and Boris Nikolic
He said he was ‘shocked and surprised’ by his subsequent arrest in 2019.
Mr Staley added: ‘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.’
He said his reputation had been ‘irretrievably damaged’ as a result of the FCA probe and accused the watchdog of acting in a ‘grossly disproportionate manner’ and failing to conduct an ‘impartial and fair analysis of the facts’.
The hearing before Upper Tribunal Judge Tim Herrington and UT members Martin Fraenkel and Cathy Farquharson is due to conclude in April.
