“The bank, six months into this historic time, is strong and resilient and profitable,” Mr. Staley told journalists. “Headwinds in Barclays U.K. are expected to persist into 2021 including the low interest rate environment,” Mr. Staley said. The U.K. bank is under pressure from activist investor Edward Bramson to slash its trading business. Mr. Staley is also under scrutiny for his professional relationship with a deceased former client at JPMorgan, the convicted sex offender Jeffrey Epstein. When officials in the U.S. Virgin Islands subpoenaed JPMorgan in May for information about Mr. Epstein, they requested communications between Mr. Staley and Mr. Epstein about the latter’s accounts, services and island home in the Virgin Islands.

Source: Wall Street Journal October 23, 2020 08:18 UTC