Staley’s resignation reportedly comes after Barclays was told on Friday that there are unpublished findings of a report conducted by both Britain’s Financial Conduct Authority and the Prudential Regulatory Authority. The unpublished findings reportedly focus on Staley’s description and characterization of his relationship with Epstein, the convicted sex offender who ultimately killed himself in 2019 while awaiting his sex trafficking trial.

"In view of those conclusions, and Mr. Staley's intention to contest them, the Board and Mr. Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays," the bank said in a statement on Monday. "It should be noted 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.”

Although the findings of the investigation are still unpublished, regulators conducting the investigation reportedly told Barclays’ other executives that they believe Staley was not truthful about his connections to Epstein.