Jes Staley, CEO of Barclays, is being investigated for his prior relationship with Jeffrey Epstein.

The investigation is being conducted by the U.K.’s Financial Conduct Authority. The regulatory body has the authority to evaluate whether an executive at a bank should serve in that role based on the individual’s moral character and ability to make rational decisions.

Epstein and Staley first started their professional relationship when Staley worked at JPMorgan. Staley worked at the private bank for over 30 years. Epstein was a client at JPMorgan. Additionally, Epstein connected his own network of individuals to JPMorgan. Staley claims that his last contact with Epstein was in the fall of 2015.

Any relationship with Epstein would be contentious because of Epstein’s sex trafficking charges and prior conviction of paying for sex from an underage girl.

“I thought I knew him well and I didn’t,” Staley said. “For sure, with hindsight, with what we all know now, I deeply regret having had any relationship with Jeffrey Epstein.”

Staley has been investigated before, but for other reasons. Staley was investigated by both the U.S. and the U.K. for attempting to figure out and reveal the identity of a whistleblower at Barclays. Barclays’ shares closed down 1.7%.

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Economics, Finance and Investing