The chief govt of Britain’s greatest banking foyer group resigned on Tuesday, simply days after apologising to colleagues for sexist remarks he made 12 years in the past about Amanda Staveley, the distinguished financier.

UK Finance confirmed that Stephen Jones give up as its chief govt shortly after Sky Information revealed that he had tendered his resignation.

Mr Jones’ departure is a bitter blow to UK Finance and its members, coming in the course of an financial disaster that has catapulted banks right into a pivotal position tasked with conserving credit score flowing to thousands and thousands of companies.

The UK Finance chief, who helped oversee the lobbying group’s creation three years in the past, is credited by members with orchestrating – alongside the Treasury – the emergency financing schemes which have channelled nearly £40bn of state-guaranteed loans to struggling companies.

He’s additionally a revered determine amongst senior authorities ministers and officers.

Mr Jones, who on the time of his remarks about Ms Staveley was a senior govt at Barclays, was additionally a driving power behind the choice of British banks to grant forbearance to thousands and thousands of mortgage and bank card clients in current months.

Bob Wigley, UK Finance’s chairman, mentioned in an announcement: “Stephen has rightly acknowledged that the feedback he made in 2008 have been inappropriate and don’t meet the requirements anticipated of leaders in our {industry}.

“He has characteristically taken a troublesome private determination within the curiosity of UK Finance and the {industry} and we settle for his determination.

“I and the Board of UK Finance need to thank Stephen for all of his imaginative and prescient and arduous work in constructing UK Finance during the last three years.

“His dedication and fervour to lift requirements throughout the {industry} and guarantee our work was at all times focussed on assembly the wants of customers and companies has by no means been extra obvious than in the best way UK Finance and our members have responded to the challenges of current months.”

Ladies ‘nonetheless lacking out on high jobs’

One ally of Mr Jones mentioned he had been decided to not enable the sexism row to overshadow UK Finance’s work on gender and different types of range throughout a interval after they have grow to be politically explosive points.

“It is a bitter disappointment to many individuals on the board that Stephen has resigned,” one senior financial institution govt mentioned.

Different board members are mentioned to have felt that Mr Jones wouldn’t be capable of successfully perform his efforts to reform the repute of an {industry} that was massively broken by the behaviour of lots of its staff throughout and after the banking crash of 2008.

Mr Jones’s departure leaves a gaping gap on the high of the Metropolis’s most vital lobbying group, with no apparent inside successor, in line with senior bankers.

“I’ve apologised to Ms Staveley and to my colleagues for the feedback made in 2008 and really feel right now it’s proper I step down from my position at UK Finance,” he mentioned.

“I’m very pleased with what we have now achieved for the reason that formation of UK Finance in 2017.

“Our present work with the banking and finance {industry}, authorities, enterprise and shopper teams and regulators to coordinate the supply of monetary help in the course of the COVID19 disaster exhibits UK Finance at its finest.”

UK Finance is without doubt one of the few Metropolis organisations which has equal gender illustration each on its board and in its broader workforce.

Sky Information revealed on the weekend that Mr Jones had written to colleagues to apologise for “improper” and “inappropriate” remarks he made about Ms Staveley, the financier suing Barclays over the money name that stored it afloat in the course of the 2008 monetary disaster.

The difficulty of his feedback had grow to be important as a result of transcripts of inside calls between Mr Jones and different Barclays executives are more likely to be learn aloud in courtroom if, as anticipated, he’s known as to present proof in a case being introduced by Ms Staveley towards the British financial institution.

In his memo to UK Finance employees, Mr Jones mentioned he couldn’t defend the “wholly inappropriate” feedback, which “don’t meet the requirements of language and behavior we rightly count on”.

Ms Staveley alleges that Barclays deceived her over the considerably greater charges it individually paid to Qatari buyers which helped bail out the financial institution and preserve it out of the clutches of the federal government.

The trial, which started earlier this month, continues, and Barclays denies wrongdoing.

Final week, Mr Jones stepped down as a decide of the Ladies in Banking and Finance Awards, on account of be held in September, due to the rising furore over his remarks.

Since taking on the industry-wide position, he has been closely concerned in a Treasury-sponsored initiative to enhance range throughout the monetary companies sector.




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