Matthew W. Barrett

Matthew Barrett
Born	(1944-09-20) September 20, 1944 County Kerry, Ireland
Occupation	Banking executive
Years active	1962–2006
Known for	Chairman of Barclays Bank, Chairman and CEO of Bank of Montreal

Matthew William Barrett (born 20 September 1944) is an Irish-Canadian banking executive who held the position of Chairman at Barclays Bank until 2006. Prior to this role, he was both chairman and CEO of the Bank of Montreal (BMO), dedicating three decades to the institution.

Career

Barrett's banking journey commenced in 1962 at BMO’s London branch, where he started as a clerk. He moved to Canada in 1967 to join the bank’s headquarters as a management trainee. In 1976, he briefly transitioned to the Royal Bank of Canada (RBC) for a nine-month period before returning to BMO. By 1987, he had risen to the role of president, was appointed CEO in 1989, and became chairman in 1990, at which point F. Anthony Comper assumed the presidency.

He spearheaded merger discussions between BMO and RBC, which would have resulted in RBC's John Cleghorn leading the merged organization as CEO; however, competition regulators ultimately blocked the proposal. Barrett referred to this outcome as "a blow at the time." He stepped down from his chairman and CEO positions in 1999, with Comper succeeding him.

After a short period serving as chairman of the Irish government-owned ACCBank, Barrett joined Barclays on 1 October 1999 as Group Chief Executive.

In 2004, he was elevated to Chairman of Barclays, a role he fulfilled until retiring on 31 December 2006. His successor was Marcus Agius.

"Double Dip" tax schemes

While Barrett was at Barclays, the bank participated in "Double Dip" tax arrangements. These involved Barclays partnering with a US bank to finance an airline's jumbo jet acquisition through a jointly owned subsidiary. This subsidiary paid income tax on interest earnings, enabling both banks to claim identical full tax credits from UK and US authorities. Barclays generated over £1 billion annually from this strategy, representing a substantial portion of its earnings. The practice ceased following a 2006 exposé by the Wall Street Journal that prompted regulatory intervention, resulting in its prohibition and depriving Barclays of a key revenue stream. Barrett retired six months after the scandal surfaced, surprising many who anticipated a longer tenure.

Personal life

Originating from County Kerry in Ireland, Barrett received his education at Christian Brothers School located in Kells, County Meath. In 1981, he completed the Advanced Management Programme at Harvard Business School.

Barrett has entered into marriage three times: first with Irene Korsak (approximately 1967–1995), then Anne-Marie Sten in 1997, and later Diane Millner in 2009. He is a father of four children from his initial marriage. Holding citizenship in both Ireland and Canada, he was honored as an Officer of the Order of Canada in 1994 in recognition of his efforts to promote women's advancement within the banking sector. Presently, he lives in Palm Beach, Florida.