Barclays CEO Expresses Shock Over Epstein Revelations
CS Venkatakrishnan, chief executive of Barclays, has expressed that he is “deeply dismayed and shocked” by the “depravity and the corruption” revealed in the recently published Epstein files. This statement comes as the bank manages the repercussions related to its former CEO Jes Staley’s connections with convicted child sex offender Jeffrey Epstein.
In his initial public remarks since the U.S. Department of Justice began releasing documents concerning Epstein in December, Venkatakrishnan extended his sympathies to Epstein’s victims. Epstein died in jail in 2019 while awaiting charges of child sex trafficking.
“I’m very, very deeply dismayed and shocked by the moral depravity and the corruption that you’re reading about in the latest set of instalments. You know, my heart really goes out to victims of this scandal and these crimes,”
Venkatakrishnan made these comments while Barclays reported its annual profits but refrained from directly addressing the allegations against his predecessor, Jes Staley.
Allegations Against Jes Staley and Legal Proceedings
reported last week that in 2019, U.S. prosecutors had allegations against Staley, including claims that he forced a woman to touch his genitals during a massage before raping her, and that he left “bloody marks” on the arms of a woman he referred to as “Tinkerbell.”
There is no evidence that prosecutors pursued these allegations. Staley has denied any wrongdoing and has not responded to ’s requests for comment over several months, either directly or through his lawyers. He has never been charged with any crimes related to these allegations.
During a UK court hearing in 2025, Staley admitted to having sexual intercourse in New York but agreed with a lawyer during cross-examination that he would describe the intercourse as “consensual.”
When Venkatakrishnan was asked if the Epstein files’ allegations had triggered any further internal reviews at Barclays, the bank’s head of media stated:
“We have nothing further to add on that point.”
Ongoing Legal Battles and Investor Claims
Barclays and its chair, Nigel Higgins, continue to face legal challenges over claims that they defrauded and misled investors regarding Staley’s relationship with Epstein.
A U.S. class action lawsuit, led by pension funds from New York and Missouri, alleges that Barclays, Higgins, and Staley repeatedly misrepresented Staley’s history with Epstein to the media and investors, beginning in July 2019, weeks after Epstein’s arrest on charges of trafficking underage girls for sex.
The plaintiffs claim they were defrauded, only learning the true nature of Staley and Epstein’s relationship after the UK’s Financial Conduct Authority (FCA) publicly released its investigation findings and banned Staley from the City. This announcement caused the value of their shares and American Depositary Receipts to decline, resulting in “significant economic losses,” according to the lawsuit.
Neither Higgins nor Staley has commented on the case.
In 2021, Staley resigned over preliminary FCA investigation findings. He returned to the UK financial sector last year but lost approximately £18 million in pay and bonuses from Barclays as a consequence of the FCA ruling.
Broader Industry and Government Reactions
Venkatakrishnan’s remarks align with those of Bank of England governor Andrew Bailey, who last week commented on the disturbing nature of the Epstein files.
The files included information about communications between Epstein and former UK business secretary Peter Mandelson concerning highly confidential government deliberations following the 2008 financial crisis. These revelations led to Mandelson’s resignation from the Labour Party and the House of Lords last week.
Bailey said: “I don’t want to sound pious, but this is for all of us: how is it that we live in a society in which this happened, and the cover-up happened as well? I think that is a very fundamental question that we have to ask ourselves.”
Related Lawsuits and Financial Performance
HSBC and Barclays face a $12 billion (£8.7 billion) lawsuit filed by U.S. heiress Tanya Dick-Stock concerning a Jersey trust allegedly linked to the Epstein scandal. According to The Times, which first reported the lawsuit, both banks declined to comment.
Barclays reported a near 13% increase in profits to £9.1 billion in 2025 and announced plans to return more than £15 billion to shareholders between 2026 and 2028. Profits for the final quarter of 2025 rose by 12%.
