John Varley (banker)
Encyclopedia
John Silvester Varley is an English
banker, and former Group Chief Executive of Barclays Bank.
. Varley was educated at the Catholic
Downside School
at Stratton-on-the-Fosse
south of Bath, becoming head librarian, then at Oriel College, Oxford (MA History), and London's College of Law
.
in 1998) in 1979.
Varley joined Barclays in 1982, as part of the Corporate Finance
Department of the then Barclays Merchant Bank. Senior appointments with the successor bank, BZW (now Barclays Capital
), included Deputy Chief Executive of BZW's Equity Division and head of BZW's offices in South East Asia. In 1995 he became Chairman of the Asset Management Division and from April 1998 to October 2000 was Chief Executive, Retail Financial Services. He joined the main Barclays board on 5 June 1998 and was Group Finance Director from 2000 until the end of 2003.
On 1 January 2004, Varley became Group Deputy Chief Executive, and on 1 September 2004 he succeeded Matt Barrett
as Group Chief Executive of Barclays. His annual salary from Barclays is £1,075,000.. On January 1, 2011 he was succeeded as Chief Executive by Robert Diamond.
, whose bank became part of Barclays in 1902. They have a daughter (born May 1989) and son (born December 1994). He lives in Hammersmith with a country house in Hampshire
.
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
banker, and former Group Chief Executive of Barclays Bank.
Early life
His father, Philip, was a solicitor in CoventryCoventry
Coventry is a city and metropolitan borough in the county of West Midlands in England. Coventry is the 9th largest city in England and the 11th largest in the United Kingdom. It is also the second largest city in the English Midlands, after Birmingham, with a population of 300,848, although...
. Varley was educated at the Catholic
Roman Catholic Church
The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with over a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity...
Downside School
Downside School
Downside School is a co-educational Catholic independent school for children aged 11 to 18, located in Stratton-on-the-Fosse, between Norton Radstock and Shepton Mallet in Somerset, south west England. It is attached to Downside Abbey...
at Stratton-on-the-Fosse
Stratton-on-the-Fosse
Stratton-on-the-Fosse is a village and civil parish located on the edge of the Mendip Hills, south-west of Westfield, north-east of Shepton Mallet, and from Frome, in Somerset, England. It has a population 1,045, and has a rural agricultural landscape, although it was part of the once-thriving...
south of Bath, becoming head librarian, then at Oriel College, Oxford (MA History), and London's College of Law
The College of Law
The College of Law of England and Wales is a private educational institution in England and a registered charity which provides legal education for students and professionals.-20th century:...
.
Career
He became a solicitor with Frere Cholmeley (which became Frere Cholmeley Bischoff and was then bought by EvershedsEversheds
Eversheds LLP is an international law firm headquartered in London, United Kingdom. It is one of the 50 largest law firms in the world measured by revenues. In 2009/10 it achieved total revenues of £355.2 million, making it the ninth-largest UK-based law firm by this measurement, and profits per...
in 1998) in 1979.
Varley joined Barclays in 1982, as part of the Corporate Finance
Corporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
Department of the then Barclays Merchant Bank. Senior appointments with the successor bank, BZW (now Barclays Capital
Barclays Capital
Barclays Capital is a global British investment bank. It is the investment banking division of Barclays plc which has a balance sheet of over £1.2 trillion . Barclays Capital provides financing and risk management services to large companies, institutions and government clients. It is a primary...
), included Deputy Chief Executive of BZW's Equity Division and head of BZW's offices in South East Asia. In 1995 he became Chairman of the Asset Management Division and from April 1998 to October 2000 was Chief Executive, Retail Financial Services. He joined the main Barclays board on 5 June 1998 and was Group Finance Director from 2000 until the end of 2003.
On 1 January 2004, Varley became Group Deputy Chief Executive, and on 1 September 2004 he succeeded Matt Barrett
Matthew Barrett
Matthew William Barrett, is an Irish Canadian banker who until 2006 was the Chairman of Barclays Bank.Born in County Kerry, Ireland, he attended the Christian Brothers School in Kells, County Meath, and attended the Harvard Business School Advanced Management Programme in 1981.He started his...
as Group Chief Executive of Barclays. His annual salary from Barclays is £1,075,000.. On January 1, 2011 he was succeeded as Chief Executive by Robert Diamond.
Personal life
In 1981 he married Carolyn Thorn Pease, daughter of Sir Richard Thorn Pease, and in so doing married into the Quaker Pease familyPease family (Darlington)
The Pease family was a prominent English and mostly Quaker family associated with Darlington and County Durham and descended from Joseph Pease of Darlington, son of Edward Pease . They were 'one of the great Quaker industrialist families of the nineteenth century, who played a leading role in...
, whose bank became part of Barclays in 1902. They have a daughter (born May 1989) and son (born December 1994). He lives in Hammersmith with a country house in Hampshire
Hampshire
Hampshire is a county on the southern coast of England in the United Kingdom. The county town of Hampshire is Winchester, a historic cathedral city that was once the capital of England. Hampshire is notable for housing the original birthplaces of the Royal Navy, British Army, and Royal Air Force...
.