Jes Staley

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Jes Staley
Born James Edward Staley
(1956-12-27) December 27, 1956 (age 59)
Boston, Massachusetts, United States
Nationality American
Education BA Economics
Alma mater Bowdoin College
Occupation CEO, Barclays
Board member of Robin Hood Foundation
Institute of International Finance
US-China Business Council
American Museum of Natural History
Spouse(s) Debbie Staley
Children 2 daughters
Parent(s) Paul R. Staley
Relatives Peter Staley (brother)
Edward Staley (grandfather)

James Edward "Jes" Staley (born December 27, 1956), is an American banker, and the chief executive officer (CEO) of Barclays since 1 December 2015. He spent 34 years at J.P. Morgan's investment bank, ultimately becoming CEO, before leaving in 2013 to join BlueMountain Capital.

Early life[edit]

Staley was born on (1956-12-27)December 27, 1956 in Boston, Massachusetts.[1] His father, Paul R. Staley, was president and CEO of PQ Corporation, a chemicals company,[2] 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.[1] His brother is AIDS activist Peter Staley. [3]

Jes Staley graduated cum laude from Bowdoin College with a degree in economics.[4]

Career[edit]

In 1979, after graduation, Staley joined Morgan Guaranty Trust Co. of New York.[4] 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.[5] During his tenure, J.P. Morgan Asset Management's client assets expanded from $605 billion to nearly $1.3 trillion.[1] 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. [6] His contribution to J.P. Morgan becoming a LGBT friendly company was also recognised.[7] In 2009, Staley was promoted to Chief Executive of the Investment Bank.[8] In this position, Staley was responsible for overseeing and coordinating the firm's international efforts across all lines of business.[9]

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[10] as a new member[11] of the Human Resources and Compensation Committee and of the Risk Committee.[12] However, on 28 October 2015, it was announced that Staley would become group chief executive of Barclays, effective 1 December 2015. [13] To avoid any conflicts of interest, UBS accepted his resignation from all of his functions at UBS with immediate effect.[14] In March 2016, he has given his vision for the future of Barclay’s investment bank [15] although the changes he has brought until then have not been well received by the markets. [16]

Staley has bought 2.8m shares in Barclays at 233p – the lowest price at which they have traded since January. Barclays has a policy that directors should own shares worth four times their salaries, which Staley has now achieved, as his salary currently amounts to £1.2m. However, his total remuneration package, including his salary, a fixed pay allowance to avoid the EU cap on bonuses, annual bonuses of up to £2.1m and a long-term incentive plan of £3.2m, is worth £10m. [17]

Staley is a Bowdoin College trustee, serves on the boards of the Robin Hood Foundation, Institute of International Finance, United States-China Business Council, and is a member of the advisory board of the American Museum of Natural History.[4]

Personal life[edit]

Staley met his wife Deby Staley 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."[1] The family has two daughters, and maintains residences on Park Avenue, New York City, and Southampton, New York.[4] Staley is a Boston Red Sox fan and a devoted Democrat who holds fundraisers. [7]

Staley specifies sailing as his hobby; however, he’s more of an arts-and-crafts type sailor than a Sunseeker man. Politically, he has Democratic inclinations. In the past, he donated money to the Democratic Senatorial Committee. Staley has reportedly been a big advocate for diversity since discovering that his brother Peter had been diagnosed with HIV. He helped push the diversity agenda at J.P. Morgan. Staley has extraordinary interpersonal skills. In the words of Dimon, Staley is, “an unbelievable person” who is very good at mentoring employees. [18]

References[edit]

  1. ^ a b c d McDonald, Duff (2010-04-16). "The other guy you need to know at J.P. Morgan". CNNMoney.com. Fortune. Retrieved 2010-06-01. 
  2. ^ Hamilton, Lynn (November 22, 1990). "Pq Corp. Names Top Executives". philly. Retrieved 28 October 2015. 
  3. ^ "Peter Staley, AIDS victim". POZ Blogs. Retrieved 10 November 2015. 
  4. ^ a b c d Corkey, Michael (2009-09-29). "A Dossier on Jes Staley: J.P. Morgan's Next CEO?". Wall Street Journal. Retrieved 2010-06-01. 
  5. ^ "James E. Staley". Bloomberg Businessweek. 2010-05-31. Retrieved 2010-06-01. 
  6. ^ Comstock, Courtney (2010-03-02). "The 20 Hedge Fund Superstars Hidden Inside JPMorgan". Business Insider. Retrieved 2010-06-01. 
  7. ^ a b Neate, Rupert (2015-10-16). "Jes Staley: who is the man tapped to be Barclays' next chief executive?". The Guardian. Retrieved 2015-11-29. 
  8. ^ Comlay, Elinor (2009-09-29). "JPMorgan reshuffles leadership in succession clue". Reuters. Retrieved 2010-06-01. 
  9. ^ Fitzpatrick, Dan (2011-06-25). "J.P. Morgan Overhauls Management". Wall Street Journal. Retrieved 2011-06-15. 
  10. ^ "Results of the Annual General Meeting of UBS Group AG". ubs.com. 2015-05-07. Retrieved 2016-01-18. 
  11. ^ "Annual General Meeting 2015 Voting results". ubs.com. 2015-05-07. Retrieved 2016-01-18. 
  12. ^ "CV Jes Staley". ubs.com. 2015-01-16. Retrieved 2016-01-18. 
  13. ^ Treanor, Jill (2015-11-05). "New Barclays chief Jes Staley spends £6m on shares in bank". The Guardian. Retrieved 2015-11-29. 
  14. ^ "Change to the UBS Board of Directors". ubs.com. 2015-10-28. Retrieved 2016-01-18. 
  15. ^ Butcher, Sarah (2016-03-01). "Jes Staley strategy for Barclays investment bank". efinancialcareers. Retrieved 2016-03-09. 
  16. ^ Goodway, Nick (2016-03-02). "Barklays mauled by markets after new chief executive Jes Staley wields the axe". Independent. Retrieved 2016-03-09. 
  17. ^ "New Barclays chief Jes Staley spends £6m on shares in bank". theguardian.com. 2015-11-05. Retrieved 2016-01-26. 
  18. ^ "10 things you didn't know about Jes Staley (and may need to)". efinancialcareers.com. 2015-10-13. Retrieved 2016-01-26.