An activist hedge fund that has regularly criticized Barclays referred to as on the British bank’s board on Monday to withdraw its aid for its main government, James E. Staley, around his ties to the financier Jeffrey Epstein.
In a public letter, the financial investment firm, Sherborne Investors — which suggests it is now the greatest solitary shareholder in Barclays — claimed renominating Mr. Staley as a director was “extremely sick-encouraged.”
The call by Sherborne is the most recent position of tension on Mr. Staley for his yearslong marriage with Mr. Epstein, who killed himself in August immediately after struggling with new allegations of sex trafficking of underage ladies.
Last thirty day period, Barclays disclosed that British banking regulators have been analyzing how Mr. Staley had explained his company ties to Mr. Epstein, which dated back again to his position as the head of JPMorgan’s personal banking company.
Sherborne argued that article content by The New York Periods and other publications detailing the enterprise connection amongst the two adult men should disqualify Mr. Staley from Barclays’ board.
“A board that tolerates this kind of carry out, no matter if transpiring in the present or in the past, is also an enabler of that act,” Sherborne wrote in the letter. “Any shareholder that votes for a director in these conditions would also be an enabler.”
Mr. Staley has said that he experienced no call with Mr. Epstein immediately after turning into the chief government of Barclays in 2015. Barclays said in a assertion final thirty day period that it believed Mr. Staley experienced been “sufficiently transparent with the company” about his ties to the financier, and that its board retained whole self esteem in him.
Sherborne has agitated for modify at Barclays in current a long time, arguing that Mr. Staley’s method for the financial institution is flawed, and final 12 months unsuccessfully campaigned for a seat on the bank’s board.