Barclays chief reveals ‘deep dismay’ over Epstein horror: Venkat blasts ‘ethical depravity’ of scandal that value ex-boss Staley his job

The boss of Barclays yesterday said he was shocked by the ‘moral depravity and corruption’ of the Epstein affair – a scandal that cost his predecessor his job.

CS Venkatakrishnan, known as Venkat, made clear his disgust after days of revelations about the paedophile financier and his friendships with the rich and powerful – including Lord Mandelson.

Among others who have been tainted by the association were former Barclays boss Jes Staley, who quit in 2021 after misleading the City regulator over his relationship with Epstein.

New details of the scandal emerging from millions of emails released by US authorities have stunned Westminster as well as the City.

Asked to express his personal feelings about the contents of the Epstein files, Venkat said: ‘I am very, very deeply dismayed and shocked by the moral depravity and the corruption. 

‘My heart really goes out to the victims of this scandal and these crimes.’

Disgraced: Former Barclays boss Jes Staley (pictured) quit in 2021 after misleading the City regulator over his relationship with paedophile financier Epstein

In 2023, Staley was fined and banned from the UK financial industry by the Financial Conduct Authority (FCA) after the banker told the watchdog that he ‘did not have a close relationship’ with the paedophile and that their last contact was well before he joined the bank in 2015.

The FCA said both statements were misleading. Last year, Staley lost an appeal against the ruling; however, his fine was reduced from £1.8million to £1.1million. 

During the public appeal tribunal, Staley – a married father of two – admitted he had sex with one of Epstein’s staff at a New York apartment building.

He was also questioned about an email exchange in 2010 in which he wrote to Epstein saying: ‘That was fun. Say hi to Snow White.’

Epstein replied, asking ‘what character would you like next’, to which Staley replied ‘Beauty and the Beast…’, and Epstein responded: ‘well one side is available’. 

Asked what the emails were about, Staley said: ‘They are strange emails that I don’t recall.’

Staley also told the hearing that Epstein had introduced him to Mandelson, then the Business Secretary.

Venkat’s comments overshadowed annual results for Barclays showing a 13 per cent rise in pre-tax profits to £9.1billion.

Venkat’s pay also soared to £15million last year, up from £11.6million in 2024. That was largely thanks to a big rise in his bonus payments, from £8.4million to £12.8million.

It was the first time a Barclays boss’s pay had topped £10million since Bob Diamond in 2011.