Barclays has said that its chief executive Jes Staley is to stand down following British regulators' investigations into his ties with convicted sex offender Jeffrey Epstein.
CS Venkatakrishnan, head of global markets, will replace him as CEO with immediate effect.
Barclays said it was made aware on Friday evening of the preliminary conclusions from the Financial Conduct Authority and the Prudential Regulatory Authority's investigation into Mr Staley's characterisation to Barclays of his relationship with Epstein.
It also became aware of the subsequent description of that relationship in Barclays' response to the regulator.
"In view of those conclusions, and Mr Staley's intention to contest them, the board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays," the bank said.
"It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein's alleged crimes, which was the central question underpinning Barclays' support for Mr Staley following the arrest of Mr Epstein in the summer of 2019," it added.
Barclays said last year that Britain's financial regulators were probing links between Mr Staley and Epstein, who took his own life while awaiting trial on sex trafficking offences.
Mr Staley has previously said his relationship with Epstein ended in late 2015, and that he regretted having any relationship with him.
The FCA and PRA said in a statement they could not comment further on the Epstein investigation.
"The board is disappointed at this outcome. Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill," the bank said in a statement.
UK regulators launched their investigations into links between Mr Staley and Epstein after JPMorgan provided them with emails the two exchanged when Mr Staley was the head of JPMorgan's private bank, the Financial Times reported last year.
The bank's share price has fallen 9% since Mr Staley became chief executive.
Barclays fought off a campaign launched by activist investor Edward Bramson in 2018 to have Mr Staley removed. Mr Bramson sold his stake earlier this year.
Britain's financial regulators and Barclays fined Mr Staley a combined £1.1m in 2018 after he tried to identify a whistleblower who sent letters criticising a Barclays employee.