Source: Sharecast
The Financial Conduct Authority issued a lifetime ban on Staley holding senior management roles in financial services in 2023, following an investigation into his links to convicted sex offender Jeffrey Epstein.
The watchdog found Staley had approved a letter sent to it which contained misleading statements about their relationship.
The letter, sent in October 2019, insisted the two were not close. But it contradicted emails sent by Staley to Epstein describing him as one of his "deepest" and "most cherished" friends.
Staley appealed both the FCA’s decision and £1.8m fine to the Upper Tribunal. But on Thursday the court ruled in the watchdog’s favour.
Judge Timothy Herrington said Staley’s behaviour represented a "serious failure of judgment" and that he had "acted without integrity" in approving the letter.
He also found Staley had shown no remorse, and that some of some of his evidence lacked credibility.
However, the tribunal cut the fine to £1.1m after Barclays did not allow Staley to receive deferred shares he was entitled to.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Mr Staley chose to take a calculated risk that we would take his inaccurate account of his relationship with Mr Epstein at face value.
"He hoped the truth would never come to light, and that he would get away with it. Such as serious lack of integrity flies in the face of the requirements we place on those at the top."
Barclays insisted in the 2019 letter that Staley did not have a close relationship with the late financier, and that they had last communicated "well before he joined Barclays in 2015".
Staley has yet to comment on the judgement. He has 14 days to appeal.
