Barclays CEO Voices Dismay Over Epstein Revelations Amid Strong Financial Performance
Barclays has reported a significant increase in annual profits, reaching £9.1 billion in 2025, marking a near 13% rise. This financial success comes as the bank's chief executive, CS Venkatakrishnan, publicly addressed the disturbing revelations from the Jeffrey Epstein files for the first time.
CEO's Reaction to Epstein Documents
In his initial comments since the US Department of Justice began releasing documents related to Jeffrey Epstein in December, Venkatakrishnan expressed profound shock and dismay. He stated, "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." However, he refrained from directly commenting on allegations against his predecessor, Jes Staley.
Allegations Against Former CEO Jes Staley
The Guardian recently reported that in 2019, US prosecutors reviewed serious allegations against Staley, including claims of rape and bodily harm. These allegations involve incidents where Staley allegedly forced a woman to touch his genitals during a massage before raping her, and left "bloody marks" on another woman. Staley has consistently denied any wrongdoing and has not responded to repeated requests for comment. He has never been charged with a crime related to these allegations.
During a UK court hearing in 2025, Staley admitted to having consensual sex with a member of Epstein's staff in New York. Despite this, the fallout from his association with Epstein continues to impact Barclays.
Ongoing Legal Battles and Financial Fallout
Barclays and its chair, Nigel Higgins, are currently facing a class action lawsuit in the US. The suit, led by pension funds from New York and Missouri, alleges that the bank, Higgins, and Staley misled investors about Staley's relationship with Epstein. The plaintiffs claim they suffered significant economic losses after the UK's Financial Conduct Authority (FCA) publicly released findings of its investigation and banned Staley from the City in October 2023.
Staley resigned from Barclays in 2021 following preliminary findings from the FCA's investigation. He later failed to overturn a ban on his return to the UK's financial sector, resulting in the loss of £18 million in pay and bonuses from Barclays.
Additional Legal Challenges and Financial Results
In a separate development, both Barclays and HSBC are facing a $12 billion lawsuit by US heiress Tanya Dick-Stock over a Jersey trust allegedly linked to the Epstein scandal. Both banks have declined to comment on this case.
Despite these legal challenges, Barclays' financial performance remains robust. The bank reported a 12% profit increase for the final quarter of 2025 and announced plans to return more than £15 billion to shareholders between 2026 and 2028. This strong profit growth underscores the bank's resilience amid ongoing controversies.
Internal Reviews and Future Implications
When questioned about whether the Epstein files have prompted further internal reviews at Barclays, the bank's head of media stated, "We have nothing further to add on that point." This indicates a cautious approach as the bank navigates the complex legal and reputational issues stemming from the Epstein scandal.
The combination of financial success and legal turmoil highlights the dual challenges facing Barclays as it seeks to maintain investor confidence while addressing the fallout from past associations.
