Jes Staley

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Jes Staley
Born
James Edward Staley

(1956-12-27) December 27, 1956 (age 65)
Boston, Massachusetts, US
EducationBowdoin College (BA)
OccupationFormer CEO, Barclays
Board member ofInstitute of International Finance
American Museum of Natural History
Spouse(s)Debora Nitzan Staley
Children2 daughters
RelativesPeter Staley (brother)
Edward Staley (grandfather)

James Edward "Jes" Staley (born December 27, 1956) is an American banker, and the former group chief executive (CEO) of Barclays. He stood down as CEO on November 1, 2021, and was succeeded by C. S. Venkatakrishnan.[1] Staley has nearly four decades of experience in banking and financial services. He spent 34 years at J.P. Morgan's investment bank,[2] ultimately becoming CEO. In 2013 he moved to BlueMountain Capital, and in December 2015, became CEO of Barclays.[3] In November 2021 Staley resigned amid a regulatory probe into whether he mischaracterized his relationship with the financier and sex offender Jeffrey Epstein.[4][5]

Early life[]

Staley was born on (1956-12-27)December 27, 1956 in Boston, Massachusetts.[6] His father, Paul R. Staley, was president and CEO of PQ Corporation, a chemicals company,[7] who eventually settled the family outside of Philadelphia, Pennsylvania. His grandfather, Edward Staley, was the top executive of W.T. Grant at the time when the company filed for bankruptcy in 1976.[6] His brother, Peter Staley, is an AIDS activist.[8]

Jes Staley graduated cum laude from Bowdoin College with a degree in economics.[9]

Career[]

In 1979, after graduation, Staley joined Morgan Guaranty Trust Co. of New York.[9] From 1980 to 1989, he worked in the bank's Latin America division, where he served as head of corporate finance for Brazil and general manager of the company's Brazilian brokerage firm. In the early 1990s, Staley became one of the founding members of J.P. Morgan's equities business and ran the Equity Capital Market and Syndicate groups. In 1999, he became head of the bank's Private Banking division which, under his leadership, improved profitability threefold during two years. In 2001, he was promoted to CEO of J.P. Morgan Asset Management and ran the division until 2009.[10] During his tenure, J.P. Morgan Asset Management's client assets expanded from $605 billion to nearly $1.3 trillion.[6] Staley has also been noted for his work on J.P. Morgan's strategic investment in Highbridge Capital Management by being named as one of the twenty hedge fund superstars at J.P. Morgan.[11] His contribution to J.P. Morgan becoming a LGBT friendly company was also recognized.[12] In 2009, Staley was promoted to Chief Executive of the Investment Bank.[13] In this position, Staley was responsible for overseeing and coordinating the firm's international efforts across all lines of business.[14]

In 2013, Staley left J.P. Morgan after more than 30 years to join BlueMountain Capital as a managing partner. In May 2015, he was elected to the board of directors of the Swiss global financial services company UBS[15] as a new member[16] of the Human Resources and Compensation Committee and of the Risk Committee.[17] However, on October 28, 2015, it was announced that Staley would become group chief executive of Barclays, effective December 1, 2015.[18] To avoid any conflicts of interest, UBS accepted his resignation from all of his functions at UBS with immediate effect.[19]

In 2015, Staley spent £6.4m buying 2.8m shares in Barclays at 233p. Barclays has a policy that directors should own shares worth four times their salaries, which Staley achieved, as his salary amounted to £1.2m. However, his total remuneration package, including his salary, a fixed pay allowance to avoid an EU cap on bonuses, annual bonuses of up to £2.1m and a long-term incentive plan of £3.2m, was worth £10m in 2015.[20][needs update] In March 2016, he gave his vision for the future of Barclays' investment bank,[21] although the changes he brought until then were not well received by the markets.[22][needs update]

Staley is a Bowdoin College trustee, serves on the board of the United States-China Business Council, and is a member of the advisory board of the American Museum of Natural History.[9]

In 2016, Staley's attempts to discover a whistleblower's identity were investigated for over a year by British regulators, an investigation which was one of the first tests of the UK's "Senior managers regime", intended to make high-level banking officials personally accountable.[23] On April 20, 2018, the Financial Conduct Authority and the Prudential Regulatory Authority announced that Staley could stay on as CEO, though he would have to pay a fine.[24][25] Staley was fined £642,430 by the FCA and Barclays said it would cut £500,000 of his bonus over the matter.[26] In May 2017, "email prankster" James Linton began his spree with Staley pranked with an acrostic alluding to the whistleblower affair.[27]

Jeffrey Epstein emails[]

On October 24, 2015, the Daily Mail published an article saying they had seen emails by Jeffrey Epstein indicating he had "began arguing for Mr Staley in financial circles in the summer of 2012" while Barclays was searching for a new CEO. The Times reported that Barclays denied being lobbied by Epstein on behalf of Staley, and that Staley is said to have been unaware that Epstein was backing him for the role.[28] In February 2020, the FCA announced an investigation into whether Staley was "fit and proper" to lead Barclays, due to concerns over his previous disclosures of his relationship with Jeffrey Epstein.[29] Staley told Bloomberg TV that "The investigation is actually focused on transparency, and whether I was transparent and open with the bank and with the board with respect to my relationship with Jeffrey Epstein."[30] Staley told colleagues that he expects to leave Barclays by the end of 2021.[31] On 1 November 2021, Staley announced his departure from Barclays, as a result of his associations with Epstein.[32] It was reported that Staley and Epstein exchanged 1,200 emails over the course of four years. In this correspondence, Staley used a mystery phrase "Snow White"; the meaning of which has not been established.[33]

Personal life[]

Staley met his wife Debora Nitzan Staley[34] soon after starting work in South America, "I was Unitarian Boston American and she was Jewish Brazilian São Paulo ... I was her parents' worst nightmare."[6] The family has two daughters,[35] and maintains residences on Park Avenue, New York City, and Southampton, Long Island.[9] Staley is a Boston Red Sox fan.[12] In the past, he has donated money to the Democratic Senatorial Committee. Staley has also reportedly been a big advocate for diversity since discovering that his brother Peter Staley had been diagnosed with HIV. He helped push the diversity agenda at J.P. Morgan.[36]

As of May 2017, Staley was backing his brother-in-law Jorge Nitzan in a dispute that Aceco, a Brazilian technology company founded by the Nitzan family, have with the private equity firm KKR, also an important client of Barclays. In turn, KKR stopped inviting Barclays to participate in its deal making.[34][37][38]

References[]

  1. ^ "Barclays boss Jes Staley in shock exit over Epstein inquiry". BBC News. November 1, 2021. Retrieved November 1, 2021.
  2. ^ Saunders, Andrew (October 13, 2015). "Barclays hires an American to try and beat the Americans". Management Today.
  3. ^ "Barclays confirms Staley as new chief". BBC News. October 28, 2015. Retrieved April 10, 2020.
  4. ^ "Eamonn Holmes 'leaving This Morning to join GB News'". the Guardian. November 12, 2021. Retrieved November 15, 2021.
  5. ^ Leroux, Marcus. "MPs expected to quiz Barclays chief over links to billionaire sex offender". ISSN 0140-0460. Retrieved November 15, 2021.
  6. ^ a b c d McDonald, Duff (April 16, 2010). "The other guy you need to know at J.P. Morgan". CNNMoney.com. Fortune. Retrieved June 1, 2010.
  7. ^ Hamilton, Lynn (November 22, 1990). "Pq Corp. Names Top Executives". philly. Retrieved October 28, 2015.
  8. ^ "Peter Staley, AIDS victim". POZ Blogs. June 18, 2008. Retrieved November 10, 2015.
  9. ^ a b c d Corkey, Michael (September 29, 2009). "A Dossier on Jes Staley: J.P. Morgan's Next CEO?". Wall Street Journal. Retrieved June 1, 2010.
  10. ^ "James E. Staley". Bloomberg Businessweek. May 31, 2010. Retrieved June 1, 2010.
  11. ^ Comstock, Courtney (March 2, 2010). "The 20 Hedge Fund Superstars Hidden Inside JPMorgan". Business Insider. Retrieved June 1, 2010.
  12. ^ a b Neate, Rupert (October 16, 2015). "Jes Staley: who is the man tapped to be Barclays' next chief executive?". The Guardian. Retrieved November 29, 2015.
  13. ^ Comlay, Elinor (September 29, 2009). "JPMorgan reshuffles leadership in succession clue". Reuters. Retrieved June 1, 2010.
  14. ^ Fitzpatrick, Dan (June 25, 2011). "J.P. Morgan Overhauls Management". Wall Street Journal. Retrieved June 15, 2011.
  15. ^ "Results of the Annual General Meeting of UBS Group AG". ubs.com. May 7, 2015. Retrieved January 18, 2016.
  16. ^ "Annual General Meeting 2015 Voting results". ubs.com. May 7, 2015. Retrieved January 18, 2016.
  17. ^ "CV Jes Staley". ubs.com. January 16, 2015. Retrieved January 18, 2016.
  18. ^ Treanor, Jill (November 5, 2015). "New Barclays chief Jes Staley spends £6m on shares in bank". The Guardian. Retrieved November 29, 2015.
  19. ^ "Change to the UBS Board of Directors". ubs.com. October 28, 2015. Retrieved January 18, 2016.
  20. ^ "New Barclays chief Jes Staley spends £6m on shares in bank". The Guardian. November 5, 2015. Retrieved January 26, 2016.
  21. ^ Butcher, Sarah (March 1, 2016). "Jes Staley strategy for Barclays investment bank". efinancialcareers. Retrieved March 9, 2016.
  22. ^ Goodway, Nick (March 2, 2016). "Barklays mauled by markets after new chief executive Jes Staley wields the axe". The Independent. Retrieved March 9, 2016.
  23. ^ White, Lawrence. "Barclays chief Staley survives whistleblowing inquiry with fines". U.S. Retrieved April 20, 2018.
  24. ^ "The CEO of Barclays is being fined for trying to unmask an anonymous whistleblower". Business Insider. Retrieved April 20, 2018.
  25. ^ Colchester, Max. "Barclays CEO Jes Staley fined, but keeps job". MarketWatch. Retrieved April 20, 2018.
  26. ^ "Barclays boss Jes Staley fined £642,000 over whistleblower scandal". The Guardian. May 11, 2018. Retrieved May 11, 2018.
  27. ^ Treanor, Jill (May 12, 2017). "Barclays boss Jes Staley fooled into email exchange with prankster". The Guardian. Retrieved April 10, 2020.
  28. ^ "MPs expected to quiz Barclays chief over links to billionaire sex offender". thetimes.co.uk. November 2, 2015.
  29. ^ Clark, Simon (February 13, 2020). "Barclays CEO Under Investigation Over Links to Jeffrey Epstein". The Wall Street Journal. Retrieved February 13, 2020.
  30. ^ Spezzati, Stefania; Edwards, Anna; Miller, Matthew (February 13, 2020). "Barclays Says U.K. Is Probing CEO Jes Staley's Ties to Jeffrey Epstein". Bloomberg. Retrieved February 13, 2020.
  31. ^ "Barclays set to launch CEO search - FT". Reuters. February 24, 2020. Retrieved February 24, 2020.
  32. ^ Thompson, Mark (November 1, 2021). "Barclays CEO Jes Staley quits after investigation into links with Jeffrey Epstein". CNN. Retrieved November 1, 2021.
  33. ^ "Jes Staley used mystery phrase 'snow white' in emails with Jeffrey Epstein". The Telegraph. November 12, 2021. Retrieved November 19, 2021.
  34. ^ a b Rob Davies (January 1, 1970). "Barclays chief clashes with private equity firm over family dispute". The Guardian. Retrieved May 3, 2017.
  35. ^ "Alexa Staley '11 Shares Her 'Passion for Understanding'". dailysun.bowdoin.edu. Retrieved February 28, 2018.
  36. ^ "10 things you didn't know about Jes Staley (and may need to)". eFinancialCareers. October 13, 2015. Retrieved April 20, 2018.
  37. ^ Bautzer, Tatiana (October 12, 2016). "KKR battling over Brazil acquisition with sellers, bank: sources". Reuters. Retrieved May 3, 2017.
  38. ^ "KKR Said to Write Off First Brazil Deal Amid Aceco Legal Battles". Bloomberg. October 12, 2016. Retrieved May 3, 2017.
Business positions
Preceded by Group Chief Executive of Barclays plc
December 1, 2015 – present 		Incumbent
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