Jes Staley stepped down as chief executive at Barclays effective immediately after fresh developments came to light from UK regulators relating to their probe of Staley’s relationship with the late Jeffrey Epstein.

The UK lender has named the co-head of its investment bank, CS Venkatakrishnan, as Staley's replacement as the 64-year-old American prepares to end his six-year tenure at the top of the bank. The bank said that Venkatakrishnan, known as Venkat, was its preferred candidate for over a year.