Barclays’ former CEO, Jes Staley, has been banned from holding senior positions in the UK after it was discovered that he mischaracterised his relationship with convicted sex offender Jeffrey Epstein. The Financial Conduct Authority (FCA) has also fined Staley £1.8m for his actions.
According to the regulator, Staley had claimed not to be close to Epstein, but emails suggested otherwise, indicating that he viewed Epstein as a “cherished” friend. Staley has expressed his intention to appeal the FCA’s decision.
In response to the FCA’s findings, Barclays announced that Staley should forgo bonuses and long-term share incentives totalling £17.8m. The bank is taking this step to address the situation and uphold accountability.
Jeffrey Epstein, who was awaiting trial on sex-trafficking charges, died by suicide in 2019. He had previously been convicted in 2008 for soliciting sex from a minor and served a 13-month prison sentence. Staley has denied any knowledge of Epstein’s crimes.
The FCA also highlighted that Staley “recklessly” approved a letter sent by Barclays to the regulator, which contained two misleading statements about his relationship with Epstein.
In separate news, Google has agreed to pay German publishers 3.2 million euros ($3.38 million) annually for the publication of news content. This agreement is pending a decision from the German patent office (DPMA) on the matter. The deal was reached with Corint Media, an umbrella organisation representing the interests of various German and international publishers, including Sat.1, ProSieben, RTL, Axel Springer, and CNBC.
Google stated that these payments to Corint Media align with existing licensing agreements it has with 470 regional and national publications in Germany. These agreements cover the use of headlines, excerpts, and thumbnails from the publications, including Spiegel, Zeit, and FAZ.
Initially, Corint Media had sought a payment of 420 million euros for the use of news content in 2022. However, the organisation hopes that the DPMA arbitration board’s decision will result in a significant increase in the remuneration to be paid by Google.
In the realm of entertainment, talks between Hollywood actors and studios regarding an ongoing strike have been temporarily suspended. This development comes as a blow to hopes for a swift resolution to the crisis that has severely impacted the entertainment industry.
Studios such as Disney and Netflix had been engaging in regular meetings with negotiators for the Screen Actors Guild (SAG-AFTRA) since July when SAG-AFTRA members walked off film and TV sets.
The studios announced the temporary suspension of talks, while SAG-AFTRA accused them of employing “bully tactics” and disseminating misleading information about the negotiations. The halt in discussions prolongs the uncertainty surrounding the strike and its effects on the entertainment sector.
