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UK Finance CEO quits over ‘inappropriate’ comments about financier Amanda Staveley

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  • 17/06/2020
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UK Finance CEO quits over ‘inappropriate’ comments about financier Amanda Staveley
Stephen Jones, chief executive of UK Finance, has resigned as head of the trade body in relation to inappropriate comments made about the financier Amanda Staveley made in 2008.

 

The comments were made when Jones (pictured) was a senior Barclays executive and the bank was trying to raise finance to save itself from a nationalisation during the financial crisis.

According to the Guardian, Jones’ resignation comes weeks before his comments are due to be made public in a £1.5bn high court claim brought about by Staveley against Barclays.

Staveley and her company PCP Capital Partners were representing Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi, one of the investors involved in Barclays’ round of emergency fundraising. The Sheik invested £3.25bn.

Staveley claims her client was given less favourable terms than Barclays’ largest investor, the state of Qatar, which Barclays has called “opportunistic and speculative”, according to the Guardian’s report.

Jones’ comments are detailed in court documents submitted by PCP Capital Partners which allegedly sought to criticise the professional skill and competence of Staveley.

He is expected to appear as a witness next month.

 

Apologised to Staveley

Bob Wigley, chairman of UK Finance, said: “Stephen has rightly acknowledged that the comments he made in 2008 were inappropriate and do not meet the standards expected of leaders in our industry.

“He has characteristically taken a difficult personal decision in the interest of UK Finance and the industry and we accept his decision.

“I and the board of UK Finance want to thank Stephen for all of his vision and hard work in building UK Finance over the last three years.”

Jones said: “I have apologised to Ms Staveley and to my colleagues for the comments made in 2008 and feel at this time it is right I step down from my role at UK Finance.

“I am very proud of what we have achieved since the formation of UK Finance in 2017. Our current work with the banking and finance industry, government, business and consumer groups and regulators to coordinate the provision of financial support during the Covid-19 crisis shows UK Finance at its best.”

 

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