Barclays CEO Says He Is Shocked by Epstein Details; BP Profits Drop

The head of Barclays bank said he is very surprised by new information about Jeffrey Epstein. This comes as the bank faces legal problems related to its past CEO. Also, BP, an energy company, has seen its profits go down and is cutting costs.
By Newsroom | Business, Finance |

The chief executive of Barclays has voiced his profound dismay regarding the details emerging from the Jeffrey Epstein files, particularly as the bank grapples with the aftermath of its former CEO, Jes Staley's, association with the convicted sex offender. This situation unfolds as BP reports a significant drop in its annual profits, highlighting a turbulent period for major corporations.

Barclays boss ‘shocked’ by Epstein revelations; BP annual profits slump 16% – business live - 1

The financial world is closely observing Barclays as new information surfaces concerning its former leader, Jes Staley, and his connections to Jeffrey Epstein. The current CEO's statement of shock comes as the bank faces ongoing legal challenges and scrutiny. Concurrently, BP has announced a substantial decrease in its yearly earnings, necessitating strategic adjustments like halting share buybacks and intensifying cost-saving measures.

Barclays boss ‘shocked’ by Epstein revelations; BP annual profits slump 16% – business live - 2

Barclays and the Epstein Fallout

The chief executive of Barclays stated he is "deeply dismayed and shocked" by the "depravity and the corruption" revealed in the Epstein files. This declaration follows the bank's reporting of its annual profits. However, the CEO declined to comment directly on specific allegations concerning his predecessor, Jes Staley.

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Barclays boss ‘shocked’ by Epstein revelations; BP annual profits slump 16% – business live - 3

  • Barclays is currently involved in a class-action lawsuit in the United States.

  • This lawsuit alleges that the bank and its chair, Nigel Higgins, misled investors about Staley's relationship with Epstein.

  • Jes Staley has previously denied any wrongdoing and has not responded to requests for comment.

  • A UK tribunal has upheld a ban on Staley from senior financial roles due to his links with Epstein, ruling he failed to disclose the nature and extent of his relationship with the convicted sex offender.

  • Newly unsealed files in the US reveal that prosecutors reviewed allegations of rape and bodily harm against Staley.

Jes Staley stepped down as CEO of Barclays in November 2021, following an investigation by the UK's Financial Conduct Authority (FCA). The FCA found that Staley had not been truthful about the extent of his relationship with Epstein to the Barclays board and the FCA in 2019.

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Barclays boss ‘shocked’ by Epstein revelations; BP annual profits slump 16% – business live - 4

  • Staley has sought to challenge these findings, potentially delaying regulatory actions.

  • Emails suggest Epstein was involved in a campaign, dubbed "Project Jes," to help Staley become Barclays CEO in 2012.

  • Staley's defense has included claims that he viewed Epstein as a well-connected financier who could bring clients to the bank.

BP's Financial Performance Decline

BP has announced a 16% fall in its underlying replacement cost profits for 2025, with earnings dropping to 7.49 billion US dollars from 8.92 billion dollars in 2024. This slump in profits, attributed to steep declines in crude oil costs, has prompted the company to take decisive action.

  • BP has halted its share buyback program.

  • The company is increasing its cost-saving targets.

  • The previous chief executive, Murray Auchincloss, stepped down after less than two years, and Woodside Energy boss Meg O’Neill will take over in April.

  • Analysts suggest these measures aim to strengthen the company's balance sheet and could lead to more sustainable shareholder payouts in the future, but express a need for clarity on BP's long-term energy leadership plans.

Broader Implications and Connections

The Epstein revelations have also brought scrutiny to other figures, including former UK politician Peter Mandelson. Reports indicate that Barclays has reportedly cut ties with a lobbying firm co-founded by Mandelson, after files emerged suggesting he shared information about his efforts to start the firm with Epstein. The Bank of England chief, Andrew Bailey, has also expressed being "shocked" by alleged leaks from Mandelson to Epstein.

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  • The unfolding situation raises questions about due diligence and the vetting of individuals in positions of power within financial institutions and public life.

  • The legal and reputational ramifications for Barclays and its former leadership continue to develop.

Expert Analysis

“Management is taking some decisive action to fix the balance sheet, scrapping the buyback, doubling down on non-core disposals and upping structural cost-savings targets.”— Derren Nathan, Head of Equity Research at Hargreaves Lansdown, commenting on BP's financial strategy.

“This leaner, meaner approach could pave the way for more sustainable payouts to shareholders further down the line, but with investment spend coming down, investors will want some assurance on BP’s plans to remain an energy leader over the long term.”— Derren Nathan, Head of Equity Research at Hargreaves Lansdown, on BP's future strategy.

Conclusion

The financial news cycle is dominated by the continuing fallout from the Jeffrey Epstein scandal, which directly impacts Barclays through the legacy of its former CEO, Jes Staley. The current leadership's expression of shock underscores the gravity of the revelations. Simultaneously, BP's announcement of reduced profits and its subsequent cost-cutting measures highlight broader economic pressures affecting major energy companies. The interconnectedness of these events, particularly the reputational and legal challenges facing Barclays, indicates a period of significant recalibration for the institution. The legal battles and regulatory oversight surrounding Staley's past associations suggest that the full implications of these connections are still being uncovered.

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Frequently Asked Questions

Q: What did the Barclays CEO say about Jeffrey Epstein?
The CEO said he was very shocked and upset by the terrible things revealed in the Epstein files.
Q: Why is Barclays in legal trouble?
Barclays is in a lawsuit because people say the bank and its leaders did not tell investors the truth about the former CEO's connection to Epstein.
Q: How are BP's profits doing?
BP's profits for the year have fallen by 16%.
Q: What is BP doing because of lower profits?
BP has stopped buying back its own shares and is planning to save more money.