A multinational universal bank is under new management after the previous chief executive was allegedly linked to a late sex offender on Oct. 29.

Barclays Bank replaced outgoing CEO Jes Staley with head of global markets CS Venkatakrishnan.

Staley stepped down after British investigators exposed his alleged affiliation with Jeffrey Epstein. The Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) are continuing to examine the pair’s relationship.

“In view of those conclusions, and Mr. Staley’s intention to contest them, the board and Mr. Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays,” the bank said according to Reuters.

Staley vigorously denies any wrongdoing and vowed to challenge the investigation findings.

“The investigation makes no findings that Mr. Staley saw, or was aware of, any of Mr. Epstein’s alleged crimes, which was the central question underpinning Barclays’s support for Mr. Staley following the arrest of Mr. Epstein in the summer of 2019,” the bank said in a statement.

Epstein enjoyed successful career as a financial broker before committing suicide in a jail cell while waiting to be charged for alleged child trafficking and child sex abuse. He previously socialized in elite circles with former presidents, powerful businessmen, and international financial conglomerate representatives. 

The New York Times previously reported Epstein referred “dozens” of potential clients to Staley. The bank boss dealt with Epstein during his time at JPMorgan, where Epstein was a major private banking client until 2013.

Staley also visited Epstein in prison between 2008 and 2009 who was earlier sentenced for soliciting prostitution of a minor.

Hargreaves Lansdown senior investment and markets analyst Susannah Streeter revealed preliminary published developments indicate the FCA and PRA believe there was a “distinct lack of transparency over this relationship,” according to The Guardian.

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