On Monday, British bank Barclays said that CEO Jes Staley has resigned to fight the findings of a UK investigation into his prior connections with convicted sex offender Jeffrey Epstein.

The preliminary conclusion "makes no conclusions that Mr. Staley observed, or was aware of, any of Mr. Epstein's alleged crimes," according to Barclays, which has backed Staley during the ongoing probe.

Staley acknowledged "great sorrow" last year over having a working contact with Epstein before becoming CEO of Barclays at the end of 2015.

Queen Elizabeth II's second son, Prince Andrew, was recently sued in a New York court for alleged sexual abuse of a woman who claims she was "given out" for teenage sex by the late US businessman.

In August, Microsoft co-founder Bill Gates stated that socializing with Epstein, who committed suicide in 2019 while awaiting trial on allegations of sex trafficking children, was a "big mistake."

Staley and the bank were informed late Friday of the early findings of a British financial watchdog probe, according to Barclays.

"Because those conclusions and Staley intend to contest them, the board and 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 Staley saw, or was aware of, any of Epstein's alleged crimes, which was the central question underpinning Barclays' support for Staley following the arrest of Epstein in the summer of 2019," it added.

The investigation has focused on "Staley's depiction of his connection with the late Jeffrey Epstein to Barclays and the subsequent description of that relationship in Barclays' response" to investigators.

Hargreaves Lansdown senior investing and markets analyst Susannah Streeter stated, "while detail is scant, it appears authorities feel there was a notable lack of openness about this arrangement."

Barclays said it was "disappointed" with the decision, adding that "Staley has effectively led the Barclays group since December 2015 with true devotion and expertise."

The bank said that Staley has been replaced with immediate effect by its head of global markets, C.S. Venkatakrishnan.