Difference between revisions of "Jes Staley"

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'''James Edward "Jes" Staley''' is an American banker.
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'''James Edward "Jes" Staley''' is an American banker, and the group chief executive (CEO) of [[Barclays]]. He spent 34 years at [[JPMorgan Chase|J.P. Morgan]]'s investment bank,<ref>https://www.managementtoday.co.uk/barclays-hires-american-try-beat-americans/article/1368071</ref> ultimately becoming CEO. In 2013 he moved to [[BlueMountain Capital]], and in December 2015, became CEO of Barclays.<ref>https://www.bbc.com/news/business-34655493</ref> He is a friend of [[Jeffrey Epstein]].
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==Career==
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In 1979, after graduation, Staley joined [[Morgan Guaranty Trust Company|Morgan Guaranty Trust Co.]] of [[New York City|New York]]. 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.<ref>http://investing.businessweek.com/research/stocks/people/person.asp?personId=9377612&ticker=JPM:US </ref> During his tenure, J.P. Morgan Asset Management's client assets expanded from $605 billion to nearly $1.3 trillion. 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.<ref>http://www.businessinsider.com/the-twenty-hedge-fund-managers-running-the-biggest-hedge-fund-in-the-world-2010-3#jes-staley-worked-on-the-deal-joining-highbridge-with-jpm-14</ref> His contribution to J.P. Morgan becoming a [[LGBT]] friendly company was also recognized.<ref>https://www.theguardian.com/business/2015/oct/16/jes-staley-barclays-next-chief-executive-profile </ref> In 2009, Staley was promoted to Chief Executive of the Investment Bank.<ref>https://www.reuters.com/article/idUSTRE58S2D020090929</ref> In this position, Staley was responsible for overseeing and coordinating the firm's international efforts across all lines of business.<ref>https://www.wsj.com/articles/SB10001424052702304665904576386120638671938?mod=WSJ_hp_LEFTWhatsNewsCollection</ref>
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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]]<ref>https://www.ubs.com/global/en/about_ubs/about_us/news/news.html/en/2015/05/07/result-agm-ubs-group-ag.html</ref> as a new member<ref>https://www.ubs.com/global/en/about_ubs/investor_relations/agm/2015/results.html</ref> of the Human Resources and Compensation Committee and of the Risk Committee.<ref>https://www.ubs.com/global/en/about_ubs/follow_ubs/board-of-directors/cv-jes-staley.html</ref> However, on October 28, 2015, it was announced that Staley would become group chief executive of Barclays, effective December 1, 2015.<ref>https://www.theguardian.com/business/2015/nov/05/barclays-boss-jes-staley-spends-6m-bank-shares </ref> To avoid any conflicts of interest, [[UBS]] accepted his resignation from all of his functions at UBS with immediate effect.<ref>https://www.ubs.com/global/en/about_ubs/about_us/news/news.html/en/2015/10/28/barclays.html</ref>
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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.<ref>https://www.theguardian.com/business/2015/nov/05/barclays-boss-jes-staley-spends-6m-bank-shares</ref> In March 2016, he gave his vision for the future of Barclays' investment bank,<ref>http://news.efinancialcareers.com/uk-en/237824/jes-staleys-strategy-for-barclays-investment-bank/</ref> although the changes he has brought until then have not been well received by the markets.<ref>https://www.independent.co.uk/news/business/news/barclays-mauled-by-markets-after-new-chief-executive-jes-staley-wields-the-axe-a6906561.html</ref>
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Staley is a [[Bowdoin College]] trustee, serves on the boards of the [[Institute of International Finance]], [[US-China Business Council|United States-China Business Council]], and is a member of the advisory board of the [[American Museum of Natural History]].
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==Retaliation against Anonymous Whistleblower==
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Staley's attempts in 2016 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|Senior managers regime]]", intended to make high-level banking officials personally accountable.<ref>https://www.reuters.com/article/us-barclays-ceo/barclays-chief-staley-survives-whistleblowing-inquiry-with-fines-idUSKBN1HR0M2</ref> On April 20, 2018, the [[Financial Conduct Authority]] and the [[Prudential Regulation Authority (United Kingdom)|Prudential Regulatory Authority]] announced that Staley could stay on as CEO, though he would have to pay a fine.<ref>http://www.businessinsider.com/fca-pra-fine-barclays-ceo-jes-staley-over-2016-whistleblower-incident-2018-4</ref><ref>https://www.marketwatch.com/story/barclays-ceo-jes-staley-fined-but-keeps-job-2018-04-20-44852755</ref> Staley was fined £642,430 by the FCA and Barclays said it would cut £500,000 of his bonus over the matter.<ref>https://www.theguardian.com/business/2018/may/11/barclays-jes-staley-fined-whistleblower-fca</ref>
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The whistleblowing involved letters sent to the board in 2016 raising concerns about the recruitment of [[Tim Main]] as head of the bank’s financial institutions group in [[New York]].<ref>https://www.theguardian.com/business/2018/may/11/barclays-jes-staley-fined-whistleblower-fca</ref>
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Staley tried to hunt down the author of the letters using the bank’s internal security unit. He accused the letter-writer of harassment and trying to “maliciously smear” Main, a friend and former colleague when Staley was at JP Morgan.
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==Epstein==
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[[Mossad]] agent and sex-ring manager [[Jeffrey Epstein]] lobbied on behalf of Staley in [[2012]], when Barclays opted for [[Antony Jenkins]] over Staley as CEO. The [[Mail on Sunday]] reported the existence of emails showing that Epstein backed Staley in 2012 - for a job he got three years later anyway. The pair know each other from Staley’s days in charge of [[JP Morgan]]’s private bank, where the billionaire Epstein was a client. <ref>https://www.thetimes.co.uk/article/mps-expected-to-quiz-barclays-chief-over-links-to-billionaire-sex-offender-7c8pbmhp8jm</ref> Staley visited Epstein's island, Little St. James, twice, "accompanied by his wife on both visits,” <ref>https://www.foxbusiness.com/lifestyle/epstein-linked-barclays-ceo-under-investigation-for-visits-to-financiers-island</ref>
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Staley was present at a meeting at Jeffrey Epstein’s Manhattan mansion in 2011, together with former Treasury Secretary [[Lawrence Summers]]; [Bill Gates]], [[Microsoft]]’s co-founder; and [[Boris Nikolic]], who was the [[Bill and Melinda Gates Foundation]]’s science adviser.<ref>https://www.nytimes.com/2019/10/12/business/jeffrey-epstein-bill-gates.html</ref><ref>https://twitter.com/felixsalmon/status/1183078356448956422?lang=en</ref>
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==References==
 
==References==
 
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Revision as of 06:33, 2 April 2021

Person.png Jes Staley  Rdf-entity.pngRdf-icon.png
(financier)
Jes Staley.png
Born27 December 1956
Boston, Massachusetts, US
NationalityUS
SpouseDebora Nitzan Staley
Member ofCouncil on Foreign Relations/Members 3, Institute of International Finance, Jeffrey Epstein/Black book, Lolita Express/Passengers
Banker CEO friend of Jeffrey Epstein.

Employment.png Barclays Bank/CEO

In office
1 December 2015 - Present
Attempted retaliation against an anonymous whistleblower.

James Edward "Jes" Staley is an American banker, and the group chief executive (CEO) of Barclays. He spent 34 years at J.P. Morgan's investment bank,[1] ultimately becoming CEO. In 2013 he moved to BlueMountain Capital, and in December 2015, became CEO of Barclays.[2] He is a friend of Jeffrey Epstein.

Career

In 1979, after graduation, Staley joined Morgan Guaranty Trust Co. of New York. 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.[3] During his tenure, J.P. Morgan Asset Management's client assets expanded from $605 billion to nearly $1.3 trillion. 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.[4] His contribution to J.P. Morgan becoming a LGBT friendly company was also recognized.[5] In 2009, Staley was promoted to Chief Executive of the Investment Bank.[6] In this position, Staley was responsible for overseeing and coordinating the firm's international efforts across all lines of business.[7]

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[8] as a new member[9] of the Human Resources and Compensation Committee and of the Risk Committee.[10] However, on October 28, 2015, it was announced that Staley would become group chief executive of Barclays, effective December 1, 2015.[11] To avoid any conflicts of interest, UBS accepted his resignation from all of his functions at UBS with immediate effect.[12]

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.[13] In March 2016, he gave his vision for the future of Barclays' investment bank,[14] although the changes he has brought until then have not been well received by the markets.[15]

Staley is a Bowdoin College trustee, serves on the boards of the Institute of International Finance, United States-China Business Council, and is a member of the advisory board of the American Museum of Natural History.

Retaliation against Anonymous Whistleblower

Staley's attempts in 2016 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.[16] 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.[17][18] Staley was fined £642,430 by the FCA and Barclays said it would cut £500,000 of his bonus over the matter.[19]

The whistleblowing involved letters sent to the board in 2016 raising concerns about the recruitment of Tim Main as head of the bank’s financial institutions group in New York.[20]

Staley tried to hunt down the author of the letters using the bank’s internal security unit. He accused the letter-writer of harassment and trying to “maliciously smear” Main, a friend and former colleague when Staley was at JP Morgan.

Epstein

Mossad agent and sex-ring manager Jeffrey Epstein lobbied on behalf of Staley in 2012, when Barclays opted for Antony Jenkins over Staley as CEO. The Mail on Sunday reported the existence of emails showing that Epstein backed Staley in 2012 - for a job he got three years later anyway. The pair know each other from Staley’s days in charge of JP Morgan’s private bank, where the billionaire Epstein was a client. [21] Staley visited Epstein's island, Little St. James, twice, "accompanied by his wife on both visits,” [22]

Staley was present at a meeting at Jeffrey Epstein’s Manhattan mansion in 2011, together with former Treasury Secretary Lawrence Summers; [Bill Gates]], Microsoft’s co-founder; and Boris Nikolic, who was the Bill and Melinda Gates Foundation’s science adviser.[23][24]


 

Events Participated in

EventStartEndLocation(s)Description
WEF/Annual Meeting/201126 January 201130 January 2011World Economic Forum
Switzerland		2229 guests in Davos, with the theme: "Shared Norms for the New Reality".
WEF/Annual Meeting/201717 January 201720 January 2017World Economic Forum
Switzerland		2950 known participants, including prominently Bill Gates. "Offers a platform for the most effective and engaged leaders to achieve common goals for greater societal leadership."
WEF/Annual Meeting/201922 January 201925 January 2019World Economic Forum
Switzerland		"The reality is that we are in a Cold War [against China] that threatens to turn into a hot one."
WEF/Annual Meeting/202021 January 202024 January 2020World Economic Forum
Switzerland		This mega-summit of the world's ruling class and their political and media appendages happens every year, but 2020 was special, as the continuous corporate media coverage of COVID-19 started more or less from one day to the next on 20/21 January 2020, coinciding with the start of the meeting.
Many thanks to our Patrons who cover ~2/3 of our hosting bill. Please join them if you can.


References

  1. ↑ https://www.managementtoday.co.uk/barclays-hires-american-try-beat-americans/article/1368071
  2. ↑ https://www.bbc.com/news/business-34655493
  3. ↑ http://investing.businessweek.com/research/stocks/people/person.asp?personId=9377612&ticker=JPM:US
  4. ↑ http://www.businessinsider.com/the-twenty-hedge-fund-managers-running-the-biggest-hedge-fund-in-the-world-2010-3#jes-staley-worked-on-the-deal-joining-highbridge-with-jpm-14
  5. ↑ https://www.theguardian.com/business/2015/oct/16/jes-staley-barclays-next-chief-executive-profile
  6. ↑ https://www.reuters.com/article/idUSTRE58S2D020090929
  7. ↑ https://www.wsj.com/articles/SB10001424052702304665904576386120638671938?mod=WSJ_hp_LEFTWhatsNewsCollection
  8. ↑ https://www.ubs.com/global/en/about_ubs/about_us/news/news.html/en/2015/05/07/result-agm-ubs-group-ag.html
  9. ↑ https://www.ubs.com/global/en/about_ubs/investor_relations/agm/2015/results.html
  10. ↑ https://www.ubs.com/global/en/about_ubs/follow_ubs/board-of-directors/cv-jes-staley.html
  11. ↑ https://www.theguardian.com/business/2015/nov/05/barclays-boss-jes-staley-spends-6m-bank-shares
  12. ↑ https://www.ubs.com/global/en/about_ubs/about_us/news/news.html/en/2015/10/28/barclays.html
  13. ↑ https://www.theguardian.com/business/2015/nov/05/barclays-boss-jes-staley-spends-6m-bank-shares
  14. ↑ http://news.efinancialcareers.com/uk-en/237824/jes-staleys-strategy-for-barclays-investment-bank/
  15. ↑ https://www.independent.co.uk/news/business/news/barclays-mauled-by-markets-after-new-chief-executive-jes-staley-wields-the-axe-a6906561.html
  16. ↑ https://www.reuters.com/article/us-barclays-ceo/barclays-chief-staley-survives-whistleblowing-inquiry-with-fines-idUSKBN1HR0M2
  17. ↑ http://www.businessinsider.com/fca-pra-fine-barclays-ceo-jes-staley-over-2016-whistleblower-incident-2018-4
  18. ↑ https://www.marketwatch.com/story/barclays-ceo-jes-staley-fined-but-keeps-job-2018-04-20-44852755
  19. ↑ https://www.theguardian.com/business/2018/may/11/barclays-jes-staley-fined-whistleblower-fca
  20. ↑ https://www.theguardian.com/business/2018/may/11/barclays-jes-staley-fined-whistleblower-fca
  21. ↑ https://www.thetimes.co.uk/article/mps-expected-to-quiz-barclays-chief-over-links-to-billionaire-sex-offender-7c8pbmhp8jm
  22. ↑ https://www.foxbusiness.com/lifestyle/epstein-linked-barclays-ceo-under-investigation-for-visits-to-financiers-island
  23. ↑ https://www.nytimes.com/2019/10/12/business/jeffrey-epstein-bill-gates.html
  24. ↑ https://twitter.com/felixsalmon/status/1183078356448956422?lang=en
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