Barclays PLC (LSE:BARC) chief executive C. S. Venkatakrishnan (aka Venkat) has called the allegations against his predecessor Jes Staley’s links to deceased sex offender Jeffrey Epstein “very serious”.
Staley, who resigned as Barclays’ chief in November 2021, has denied allegations that he provided services at JPMorgan Chase & Co (NYSE:JPM) (where he previously served as an executive) that were integral to Epstein's sex-trafficking operations.
He also denies witnessing any suspicious activity in Epstein's accounts, but JPMorgan wants Staley to forfeit eight years of compensation and cover its losses in two lawsuits related to its association with Epstein.
Venkat acknowledged the severity of the allegations against Staley in Thursday’s first-quarter earnings call, noting that the New York location of the adjudications was the “right and proper place”.
Staley, in recent US court filings, accused JPMorgan of using him as a "public relations shield" and asserted that the allegations lacked any legal or factual basis.
Meanwhile, a former investor in the bank expressed concerns that more checks should have been conducted when vetting Epstein as a client.