On a wet and windy Halloween weekend, Jes Staley’s six-year career at the top of Barclays came to an abrupt end.
From the moment the Financial Conduct Authority told the bank about its preliminary findings late on Friday, the writing was on the wall for the 64-yearold American.
What followed was a frantic weekend of calls, meetings and emails between board members as they raced to finalise his £2.5million severance package and anoint his successor.
Jes Staley (pictured with wife Debora) was forced to resign as Barclays boss after the Financial Conduct Authority alerted the bank to its findings over his relationship to Jeffery Epstein
Sources claim that all board members were present on Saturday, with most of the discussion taking place via conference calls.
Chairman Nigel Higgins led the response of the 12- strong board – which includes economist Mohamed ElErian and Mary Francis, a former private secretary to John Major.
Higgins wanted to have the matter resolved by Sunday night so that there were no leaks and not further reputational damage. A source said: ‘There were meetings throughout the weekend.
The board wanted it done by Sunday so that an announcement could go out on Monday.’ With the FCA investigation into Staley casting a shadow over the bank, succession plans were in place.
Director’s suggestions for replacements were made and C S Venkatakrishnan was selected as a candidate.
Over the weekend, the chairman informed the American about his promotion.
Many were surprised by the speed of departure.
This was so significant that the bank is still unsure if the new boss will be based in London or New York.
And the FCA’s findings clearly came as a surprise to Staley, who less than two weeks ago was insisting he would be around for another two years.
It is now up to Higgins or Venkat to repair the reputational harm and build bridges between investors and regulators.