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Barclays -4.2% after shareholder seeks Staley's exit

Mar. 02, 2020 12:21 PM ETBarclays PLC (BCS) StockBCSBy: Liz Kiesche, SA News Editor21 Comments
  • Barclays (NYSE:BCS) slumps 4.2% after the bank's largest shareholder, activist Sherborne Investors, urges the board to rescind their unanimous recommendation to re-elect Jes Staley as the company's CEO.
  • The investor cites Staley's professional relationship with Jeffrey Epstein, the late financier and convicted sex offender, when Staley worked for JPMorgan Chase, which was among Epstein's primary bankers.
  • Sherborne isn't accusing Staley of any crime.
  • "If Staley knowingly continued providing financial services to Epstein, which could have helped to facilitate the latter’s child prostitution activities, in order to reap personal career benefits, it raises the question as to whether he is suitable to be an executive of a financial institution," Sherborne's statement said.
  • Previously: Barclays CEO probed over Epstein ties (Feb. 13)

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