Former CEO of JPMorgan and Barclays Jes Staley is expected to be deposed next week. Jes Staley is expected to testify next Thursday and Friday about his dealing with Jeffrey Epstein and what he knew about his former client’s involvement in sex trafficking.
Staley, who earlier served as the top executive of Barclays Plc, will be deposed on March 23 and 24, according to attorney’s representing the bank. The attorneys disclosed this during a hearing on Thursday.
Staley has been charged with intentional and reckless conduct for allegedly withholding information about Epstein. The lawsuit aims to have Staley pay back eight years of wages and compensate JPMorgan for any losses the bank might face in other cases.
Staley has admitted that he was Epstein’s friend, but he has expressed regret for their friendship and said he was unaware of the financier’s alleged crimes.
In August 2019, one month after being accused of sex trafficking, Epstein committed suicide in a detention cell in Manhattan. Judge Jed Rakoff rescheduled the September 5 trial date to October 23, consolidating the lawsuit brought against JPMorgan by the US Virgin Islands and Jane Doe, the victim of Epstein, and the bank’s counterclaim against Staley.
Rakoff had ordered the bank to provide further papers about its CEO Jamie Dimon last week. Felicia Ellsworth, a lawyer for JPMorgan, stated on Thursday that there was no proof of a romantic connection between Dimon and Epstein. It’s also possible to delay a trial in which a victim of Epstein is suing Deutsche Bank AG.
Before leaving JPMorgan to become chief executive of Barclays in 2015, Mr. Satley served as the institution’s head of private banking. In 2021, he left his position at Barclays to refute the conclusions of a UK regulator’s investigation into his interactions with Epstein.
According to Mr. Staley, the business relationship between him and Epstein ended when he transferred to Barclays. He acknowledged being friends with Epstein, who in 2019 committed suicide in jail, but he denied being aware of the financier’s sex crimes.
JPMorgan claimed in its court filing that Mr. Staley observed Epstein’s behavior on several occasions and that he was aware of the abuse that was occurring.
Want to know more about Jes Staley and his connection with Jeffrey Epstein? If so, keep reading this article.
Who Is Jes Staley?
James Edward Jes Staley, a former group chief executive of Barclays and an American banker, was born in December 1956. He was formerly the Chief Executive Officer of Barclays and JPMorgan.
In 2021, he resigned from his position as CEO of Barclays. Staley has worked in banking and financial services for about 40 years. He worked at JPMorgan’s investment bank for 34 years, rising to the position of CEO. he relocated to BlueMountain in 2013 and was named CEO of Barclays in December 2015.
Staley’s Journey To The Position Of CEO At JPMorgan And Barclays Plc
Staey began working for Morgan Guaranty Trust Co. of New York in 1979. He worked in the bank’s Latin American division from 1980 to 1989, where he held the positions of general manager of their Brazilian brokerage firm and head of corporate finance.
In the early 1990s, he became one of the founders of JPMorgan’s equities division. He was appointed as the president of the bank’s Private Banking sector in 1999, and under his direction, the divisions’ profitability increased threefold in just two years. He led JPMorgan Asset Management until 2009 after being elevated to CEO in 2001.
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Stanley left JPMorgan in 2013 after working there for more than 30 years. Stanley then joined BlueMountain Capital in 2013 and was elected to UBS’s board in 2015.
In 2015, Staley became the CEO of the Barclays group. He served in the position for 6 years and resigned from the position of CEO at Barclays in 2021.
The resignation was due to the regulatory investigation into whether he misrepresented his relationship with investor and sex offender Jeffrey Epstein, Staley resigned in November 2021.
Jes Staley’s Connection With Jeffrey Epstein
Certain reports from 2015 claimed that emails indicating Epstein’s activities to advocate for Mr. Staley in financial circles in the summer of 2012 have been found by some. It was at the time when Barclay’s was looking for a new CEO.
Epstein denied to Barclays that he had lobbied on Staley’s behalf, and Staley claimed to have been uninformed that Epstein was endorsing him for the position.
Due to concerns regarding Staley’s prior disclosures of his contact with Jeffrey Epstein, the FCA said in February 2020 that it was looking into whether he was fit and appropriate to manage Barclays.
Due to his connections to Epstein, Staley announced his resignation from Barclays in 2021. Over four years, it was claimed that Staley and Epstein communicated by email 1,200 times.
According to a report from January 2023, Satley was mentioned in a lawsuit against JPMorgan that claimed the bank encouraged Epstein’s behavior. According to the lawsuit, Satley saw Epstein allegedly molesting an underage girl and knew that he was trafficking people.
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