UK Finance boss quits over historic sexist comments
Stephen Jones, CEO of UK Finance. (UK finance)
The head of the British banking group has stepped down on historical sexist statements he recently brought to light in a lawsuit.
UK Finance confirmed late Tuesday that its board of directors had accepted Stephen Jones' resignation. Jones, who has led the powerful industry group since 2017, resigned after reporting on comments he made at Barclays (BARC.L) Bank in 2008.
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The High Court heard earlier this month that Jones had made "deeply uncomfortable personal comments" about Amanda Staveley, a high-profile financier.
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The court was informed Friday that Jones Staveley's company described the Times as "a bunch of dirty bags" and "F ***** s".
The comments came to light in a High Court case between Staveley's PCP Capital Partners and Barclays regarding a financing agreement at the height of the financial crisis. Jones is expected to be called as a witness.
Stephen Jones reportedly made "deeply unpleasant" comments about financier Amanda Staveley in 2008 while working at Barclays. (Paul Ellis / AFP via Getty Images)
"I apologized to Ms Staveley and my colleagues for the 2008 comments and I currently think it is right to step down from my position at UK Finance," Jones said in a statement on Tuesday evening.
“I am very proud of what we have achieved since UK Finance was founded in 2017. Our current collaboration with the banking and finance industry, government, business and consumer groups and regulators to coordinate the provision of financial support during the COVID19 crisis shows Britain's finest finances.
"I am confident that UK Finance will continue to be an effective lawyer and agent for the banking and finance industry, and I would like to thank all of my colleagues and the board for their commitment to building an effective and appropriate voice."
UK Finance Chairman Bob Wigley said: “Stephen has rightly recognized that the comments he made in 2008 were inadequate and did not meet the standards expected of industry leaders. He has characteristically made a difficult personal decision in the interest of UK Finance and the industry and we accept his decision.
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“I and the Board of UK Finance would like to thank Stephen for all of his vision and hard work building UK Finance over the past three years.
"His commitment and passion to raising standards in the industry and ensuring that our work has always been tailored to the needs of consumers and businesses has never been as evident as in the way UK Finance and our members work have responded to the challenges of the past few months. "
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