John Silvester Varley
John Varley | |
|---|---|
| Born | April 1, 1956 Warwick, England |
| Occupation | Banking executive |
| Years active | 1979–present |
| Known for | Group chief executive of Barclays (2004–2011) |
John Silvester Varley (born 1 April 1956) is a British banking executive who led Barclays as group chief executive from 2004 until 2011.
Early life
Varley was born in Warwick and is the son of Philip, a solicitor based in Coventry. He attended the Catholic institution Downside School near Bath, where he served as head librarian. He pursued a degree in History (MA) at Oriel College, Oxford and later qualified at London's College of Law.
Career
Starting his professional journey in 1979, Varley worked as a solicitor at Frere Cholmeley. He entered Barclays in 1982, joining the Corporate Finance Department within Barclays Merchant Bank. Throughout his tenure, he held prominent positions at BZW (now known as Barclays Capital), including deputy chief executive of the Equity Division and leadership of the South East Asia offices. In 1995, Varley was appointed chairman of the Asset Management Division, and between 1998 and 2000 he served as chief executive of retail financial services. He became a member of Barclays’ board in June 1998 and fulfilled the role of group finance director from 2000 to 2003.
On 1 January 2004, Varley was promoted to group deputy chief executive and subsequently took over from Matthew Barrett as group chief executive on 1 September 2004, with an annual remuneration of £1,075,000. His successor was Robert Diamond, who assumed the position on 1 January 2011.
By 2013, Varley held a trustee position at The Prince of Wales's Charitable Foundation.
In June 2017, following a five-year probe by the UK's Serious Fraud Office into Barclays' activities during the 2008 financial crisis, Varley and three former colleagues faced charges involving conspiracy to commit fraud and unlawful financial assistance connected to fundraising efforts. In June 2019, Varley was acquitted of all allegations.
Personal life
In 1981, Varley married Carolyn Thorn Pease, daughter of Sir Richard Pease, 3rd Baronet, thereby aligning with the distinguished Quaker Pease family, whose banking enterprise merged with Barclays in 1902.
His sister-in-law is hedge fund manager Nichola Pease, who was previously married to hedge fund billionaire Crispin Odey.
The couple has two children and resides in Brook Green, Hammersmith, West London, maintaining a country residence in Hampshire.