Barclays PLC (BCS  ) CEO Jes Staley has stepped down from his post as the United Kingdom probes his relationship with Jeffrey Epstein.

Staley's November 1 departure comes after Barclays' board of directors received notice of the preliminary results of a probe by the British Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA). The conclusions have not been published to the public but appeared to have caused a drastic change in priorities at the bank. Previously, the board had backed Staley and asserted his innocence.

The personal relationship between Staley and Epstein is receiving greater scrutiny from regulators after a cache of emails was turned over to U.S. regulators by JP Morgan Chase (JPM  ). The emails were in turn shared with the FCA and PRA, triggering the U.K.'s ongoing probe. According to anonymous sources who spoke to the Financial Times, the emails painted the duo's relationship in a completely different light than Staley had.

According to Staley, while he and Epstein had known each other for some time, their relationship declined after the former left JP Morgan in 2013. A visit to Epstein's infamous Caribbean in 2015, the same year that Staley would become CEO of Barclays, served as the endcap to the duo's relationship, based on Staley's previous statements.

Staley is the latest executive to pay the consequences of their association with Jeffrey Epstein. Lex Wexner, the longest-sitting CEO of a Fortune 500 company, stepped down amid scrutiny of his relationship with the disgraced financier. Public figures have also found themselves under scrutiny for ties to Epstein, including Prince Andrew of the U.K., who resigned from public duties amid the scandal.

Barclays took a hit in share price from the news, losing 2.78% in a pre-market drop on Tuesday in what appeared to be a bit of a delayed reaction. The bank managed to recover 0.6% by the day's end and recovered an additional 1.27% by noon on Wednesday.