Barclays stocks are down 2.3% after the bank announced that chief executive Jes Stanley is to stand down following British regulators’ investigations into his ties with convicted sex offender Jeffrey Epstein.The bank said it was made aware on Friday evening of preliminary conclusions into its investigation from the Financial Conduct Authority and the Prudential Regulatory Authority, ending a controversial 6-year reign.The inquiry is the second regulatory investigation into Stanley’s conduct in recent years, after a fine of 642,000 pounds was imposed on him in 2018 by the FCA and PRA for trying to identify a whistleblower who sent letters criticizing a Barclays employee.Mr. Stanley is planning to contest the conclusions made by the regulators, according to Barclays, and said that the investigation never found evidence that “Mr. Stanley saw, or was aware of, any of Mr. Epstein’s alleged crimes”.The bank said its board believes that the chief executive has been sufficiently transparent about his ties to Epstein. Yet, in view of those conclusions, the board and Mr. Stanley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays.Head of Global markets, C.S. Venkatakrishan and Barclays’ current co-president, will take over as chief executive immediately.This transition seems to be limiting the damage to the bank’s share price. However, the FTSE 100 listed lender’s shareholders must be frustrated, and the board disappointed over news of Stanley’s departure, according to AJ Bell Investment Director, Russ Mould.For more information about stocks, Click Here.Resources: https://www.reuters.com/article/us-barclays-results-idUSKBN2070NF https://www.marketwatch.com/articles/barclays-boss-steps-down-jeffrey-epstein-ties-51635760297