Barclays boss Jes Staley has quit following an investigation into his previous role as private banker to disgraced financier and convicted paedophile Jeffrey Epstein.
Billionaire Epstein was accused of grooming and assaulting underage girls at the sprawling property in the US Virgin Islands after flying them in on a private jet dubbed the "Lolita Express".
Epstein was pronounced dead at a Manhattan hospital in 2019 after he was found hanging in a jail cell as he awaited trial on child sex trafficking charges. His death was ruled a suicide.
Staley was Epstein's private banker when he worked at JP Morgan, an American investment bank.
The report from UK financial watchdogs is due next month, but a draft was sent to Staley last Friday.
American Staley stepped down after reading the report, which looked into whether the bank and Staley played down his relationship with Epstein.
However, Staley said he would "contest" the report, according to the Press Association (PA) news agency.
The report says he played down his role in Epstein's affairs while acting as his private banker in a previous job, PA said.
A Barclays statement to PA 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."
The bank's board said it is "disappointed at this outcome" but details of the report have not been published.
Staley will get a £2.5million payoff and continue to get other benefits for a year, the bank said.
He can also get repatriation costs to go back to America.
Staley has previously said he "deeply regrets" his relationship with Epstein, after acting as his private banker while working for JP Morgan, and continuing for seven years after the financier was convicted of sex offences.
His last contact with Epstein had been in the autumn of 2015, shortly before he joined Barclays, but not before he and his wife sailed to Epstein's private island for lunch that year.
He said he had no contact with Epstein once he joined the bank in December 2015.
He will be replaced at Barclays by CS Venkatakrishnan, who is currently head of global markets for the bank.
He will be paid £2.7 million a year in fixed pay, made up of 50% cash and 50% Barclays shares, alongside a £135,000 pensions contribution.
The new boss could also receive an annual bonus of up to £2.5million and long-term bonuses in shares worth up to £3.8million.
The report was written by the Financial Conduct Authority watchdog and the Prudential Regulation Authority (PRA).
A Barclays statement 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."
JP Morgan has been approached for comment.
In 2008 Epstein became a registered sex offender in America after pleading guilty to a felony charge of solicitation of prostitution involving a minor in Florida.
He served 13 months of an 18-month sentence, and continued his lavish lifestyle with high-profile associates following his release.
