Earlier on Monday, the CEO of the Uk’s most recognized Bank, Barclays, Jes Staley resigned from his position as the reports by the UK regulators convicted him of having a link with a late financer and sexual assaulter Jeffrey Epstein.

Jeffery Epstein killed himself in 2019 in the New York federal jail, while he was waiting for the trial for alleged sex trafficking. Jes Staley, who worked as a private banker for the late financer, “deeply regrets” his connection with him. Moreover, there is no proof that Staley was aware of Epstein’s criminal activities.

Staley has taken a firm stand for himself and has announced that he will be contesting with the UK regulators to prove his innocence. The decision came after the regulators shared the preliminary conclusions with the convicted and the bank.

In the reports by the Prudential Regulation Authority and Financial Conduct Authority, the relationship between Jes Saley and Jeffery Epstein was examined thoroughly while Jes was working as a private banker for the latter during his tenure at J.P Morgan, a US investment bank.

However, in a Monday’s statement, the Barclay bank backed their Cheif Executive Officer with a statement that the data included in the reports, “makes no findings” nor it proves that Jes had any idea regarding the late sex offender’s wrongful doings following his arrest, which was the “the central question” in the reports.

In his defense, Staley revealed that his last contact with Epstein was in 2015 when he and his wife went over lunch at Epstein’s private island. This was just a short time before he joined Barclays as the CEO. He further confirmed that once he was part of Barclays, he never contacted him again, which was December 2015.

As Jes Staley’s resignation comes amid the controversy, C.S. Venkatakrishnan, who headed the global market for Barclays, will be holding the title from now onwards. He has been identified as the preferred candidate for the post for the past year.

The resignation of Staley has also led to a 2% fall in Barclays share as Jes was regarded as being best at his work.