Barclays said on Monday that its chief executive officer, James Staley, will step down immediately following an investigation by UK financial regulators into Staley’s relationship with disgraced financier Jeffrey Epstein.
On Friday, the bank said it had learned of the preliminary findings of a nearly two-year investigation by regulators, the Financial Conduct Authority and the Prudential Regulatory Authority of the relationship between the two men, dating back to the time when Mr. Staley served as head of the bank. private banking at JPMorgan Chase. Mr Staley used Mr Epstein, who committed suicide in 2019 after facing new allegations of trafficking in underage girls for sexual exploitation, to connect with potential clients.
Barclays said in a statement that Mr. Staley agreed to step down from his position as CEO and from his position on the board of directors, and that he intended to challenge the findings of the investigation. It added that the investigation had not reached any conclusion that Mr. Staley “saw or knew about any of Mr. Epstein’s alleged crimes” and that it was “disappointed” with the outcome.
The Prudential Regulatory Authority and the Financial Conduct Authority declined to provide any details about what was found as a result of their investigation, saying in a joint statement that they “do not comment on ongoing investigations or regulatory procedures.”
Barclays said the investigation focused on how Mr. Staley characterized his relationship with Mr. Epstein before the board of directors, and a subsequent description of that relationship in Barclays’ response to the Financial Conduct Authority.
Mr Staley previously said he was “transparent and open” with Barclays about his relationship with Mr Epstein.
He will be replaced by S.S. Venkatakrishnan, Barclays Co-Chair and Head of Global Markets.
In February 2020, Barclays announced a regulatory investigation, noting that Mr. Staley “forged a professional relationship with Mr. Epstein” early in his career. “Mr. Staley also confirmed to the board that he has not had any contact with Mr. Epstein since taking over as CEO of Barclays Group in December 2015.” at Staley as CEO.
With his retirement, Mr. Staley becomes the last corporate leader to suffer the consequences of his relationship with Mr. Epstein. In January, Leon D. Black announced his resignation as Chairman and CEO of Apollo Global Management after it was revealed that he had paid Mr. Epstein over $ 150 million.
Leslie H. Wexner stepped down as CEO of L Brands, the parent company of Victoria’s Secret, following pressure on his ties to Epstein. Bill Gates, co-founder of Microsoft, came under fire after The New York Times reported in 2019 that he began a relationship with Mr. Epstein after Mr. Epstein was convicted of sex crimes.
Mr. Staley, an American known as Jess, became Chief Executive Officer of Barclays in 2015 after serving as Chief Executive Officer at JPMorgan Chase.
News of the investigation in 2020 prompted a hedge fund activist criticizing Barclays to demand the firing of Mr. Staley. Sherborne Investors, which at the time described itself as the largest single shareholder in Barclays, stated in public letters that reappointing Mr. Staley as director was “extremely unwise.”
American Airlines canceled more than 1,200 flights this weekend, blaming widespread disruptions on bad weather and staff shortages. The cancellations accounted for more than 12 percent of the airline’s scheduled flights on Saturday and Sunday, the report said, and came just weeks after Southwest Airlines was forced to cancel nearly 2,000 flights.
Strong winds late last week hampered operations at Dallas-Fort Worth International Airport, America’s largest hub, leading to a reduction in runway capacity and prompting a series of cancellations, said David Seymour, the airline’s chief operating officer, in a note to staff at Saturday. This disruption, combined with bad weather elsewhere in the company’s network, left American flight crews in the wrong place, making it difficult for the airline to operate as it began its typically busy weekend.
“To make sure we take care of our customers and ensure that our crews are scheduling accuracy, we have adjusted our operations in the last few days of this month by proactively canceling some flights,” said Mr Seymour. “We are taking this measure to minimize the inconvenience. Most of the customers affected by these changes are rebooking on the same day and we apologize for having to make these changes. ”
Airlines have been grappling with short-term but significant disruptions since the spring as the travel resurgence faced an ambitious but tight flight schedule, bad weather and limited staff after tens of thousands of workers bought out or early retired during the pandemic. Earlier this month, Southwest canceled hundreds of flights and also blamed bad weather, which also led to the relocation of its crews.
The travel recovery has been accompanied by “many disruptions to the job,” said Gary Kelly, chief executive of Southwest, during a phone call with analysts and investor reporters in October. “I would be the first to admit that things are a mess,” he said.
The American faced similar problems. But in his memo, Mr Seymour said the airline was confident it was prepared for a busy holiday season, with nearly 1,800 flight attendants returning from pandemic vacation on Monday, and more returned on December 1. The airline also employs flight attendants. , pilots and aircraft maintenance technicians as it prepares for an expected return to pre-pandemic levels of passenger traffic next year.
Saudi Aramco, the world’s largest oil company, said Sunday that its third-quarter profit nearly tripled from a year earlier as fuel demand rebounds from the pandemic and prices soar.
Aramco, Saudi Arabia’s national oil company, said net income for the July-September period was $ 30.4 billion, up from $ 11.8 billion a year ago, when oil demand plummeted and prices fell.
Huge profits are in many ways a reflection of the rapid rise in oil prices. Aramco’s statement did not provide full financial details, but the company is likely to have received an average of about $ 70 a barrel for the quarter, up from $ 43.60 a barrel in the same period in 2020.
Saudi Arabia and other oil-producing countries have sharply cut production in response to falling demand as the pandemic slowed down transport, air travel and other activities. These countries are now ramping up production, but at a terribly slow pace, according to some critics, including the Biden administration.
Aramco said its crude oil production in the third quarter of 2021 averaged 9.5 million barrels per day, a marginal increase to 9.2 million barrels per day over the same period in 2020.
In a statement, Aramco CEO Amin H. Nasser said he was “optimistic that energy demand will remain healthy for the foreseeable future,” despite headwinds such as supply chain bottlenecks.
As world leaders gather in Glasgow this week to attend a pivotal United Nations climate summit, Aramco’s results are a reminder that the global economy remains tied to oil. Many forecasters expect oil demand to surpass 2019 pre-pandemic levels next year.
While Western oil companies such as Royal Dutch Shell and BP fear new long-term investments in oil, some companies, including Aramco and the Abu Dhabi National Oil Company (ADNOC), are betting that for their oil there will be a sales market. many years to come.
Aramco said it increased capital expenditures 19 percent this quarter to $ 7.6 billion, in part to boost oil production from 12 million barrels per day to 13 million barrels per day.
The company, which was listed on the local Tadawul exchange in 2019, will pay $ 18.8 billion in quarterly dividends, principally to the government of Saudi Arabia.
President Biden’s ambitious goals of eliminating fossil fuels in the United States could be canceled out by outdated transformers and outdated power lines that made it difficult for homeowners, local governments, and businesses to use solar panels, batteries, electric vehicles, heat pumps, and other devices that can help reduce greenhouse gas emissions.
Ivan Penn reports for The New York Times that most of the equipment on the electrical grid was built decades ago and is in need of modernization. It was designed for a world in which electricity flowed in one direction – from the grid to people. Now, homes and businesses are increasingly supplying energy to the grid from their rooftop solar panels.
These issues have become more pressing because the fastest way to reduce greenhouse gas emissions is to convert oil and natural gas-fueled cars, cars and heating equipment to electricity generated by solar, wind, nuclear and other energy sources with zero emissions. However, according to energy experts, the power system is far from strong enough to provide everything that can help cope with the impacts of climate change.