Barclays chief executive Jes Staley has left his post after being made aware of the preliminary conclusions of an investigation into his relationship with Jeffrey Epstein.

In a company announcement, Barclays notes that “The investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.”

The investigation is being carried out by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Staley intends to contest these findings.

New York financier Jeffrey Epstein was convicted of procuring a child for prostitution and for soliciting prostitution in 2008, then arrested in 2019 on charges for sex trafficking minors in Florida and New York. He died in jail in the summer of 2019 iunder controversial circumstances.

Staley will receive 12 months’ pay – £2.4m – and other benefits, including a £120,000 pension allowance.

“The Board is disappointed at this outcome,” says Barclays. “Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill.

“Supported by the senior team which he largely helped build and on whom the Barclays Group will be relying for the future, Mr Staley clarified the Barclays Group’s strategy, transformed its operations and materially improved its results.

“The regulatory process still has to run its full course and it is not appropriate for Barclays to comment further on the preliminary conclusions.”

Staley will be replaced by C.S. Venkatakrishnan, or Venkat, subject to regulatory approval.

In a joint statement, the PRA and FCA says they, “Do not comment on ongoing investigations or regulatory proceedings beyond confirming the regulatory actions as detailed in the firm’s announcement.”