Sir Callum McCarthy (born 29 February 1944) is the former chairman of the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 19 ...

. He is also the former non-executive chairman of

Promontory Financial Group Promontory Financial Group, a wholly owned subsidiary of IBM, is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acqu ...

's UK affiliate.

Early life and education

McCarthy attended

Manchester Grammar School The Manchester Grammar School (MGS) in Manchester, England, is the largest independent school (UK), independent day school for boys in the United Kingdom. Founded in 1515 as a Grammar school#free tuition, free grammar school next to Manchester C ...

, then graduated in history from

Merton College, Oxford Merton College (in full: The House or College of Scholars of Merton in the University of Oxford) is one of the constituent colleges of the University of Oxford in England. Its foundation can be traced back to the 1260s when Walter de Merton, ...

. He also has a PhD in economics from

Stirling University The University of Stirling (, gd, Oilthigh Shruighlea (abbreviated as Stir or Shruiglea, in post-nominals) is a public university in Stirling, Scotland, founded by royal charter in 1967. It is located in the Central Belt of Scotland, built ...

and an MS from the Graduate School of Business at Stanford University, where he was a

Sloan Fellow The Sloan Fellows program is the world's first mid-career and senior career master's degree in general management and leadership. It was initially supported by a grant from Alfred P. Sloan, the late CEO of General Motors, to his alma mater, MI ...

Career

McCarthy has held various high-profile private sector and government regulatory positions: *1965 – Economics researcher at chemical corporation ICI for seven years on graduating in 1965. *1972–85 – Several posts at the Department of Trade and Industry including Principal Private Secretary to Roy Hattersley when he was Secretary of State for Prices and Consumer Protection and to

Norman Tebbit Norman Beresford Tebbit, Baron Tebbit (born 29 March 1931) is a British politician. A member of the Conservative Party, he served in the Cabinet from 1981 to 1987 as Secretary of State for Employment (1981–1983), Secretary of State for Trad ...

when he was Secretary of State for Trade and Industry. *1985 – Director of Corporate Finance at investment bank

Kleinwort Benson Kleinwort Benson was a leading investment bank that offered a wide range of financial services from offices throughout the United Kingdom and Channel Islands. Two families, the Kleinworts and the Bensons, founded two different merchant banks in ...

*1989 – managing director and Deputy Head of Corporate Finance of

Barclays Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...

' investment banking arm, BZW. McCarthy later become chief executive officer of

Barclays Bank Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...

group operations in Japan before moving to head the Bank's businesses in North America. *September 1998 – Appointed by

Peter Mandelson Peter Benjamin Mandelson, Baron Mandelson (born 21 October 1953) is a British Labour Party politician who served as First Secretary of State from 2009 to 2010. He was President of the Board of Trade in 1998 and from 2008 to 2010. He is the ...

to become Director-General of the gas regulator Ofgas. *1999 – Chief Executive of new energy super-regulator

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, where he oversaw the introduction of greater competition into the gas and electricity markets *September 2003 – Chairman of the

(FSA) *October 2008 – Non-executive board member of

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a Departments of the Government of the United Kingdom, department of Government of the United Kingdom, His Majesty's Government ...

*Current – Non-executive chairman of Castle Trust

Personal life

Married with three children, he is a keen

beekeeper A beekeeper is a person who keeps honey bees. Beekeepers are also called honey farmers, apiarists, or less commonly, apiculturists (both from the Latin '' apis'', bee; cf. apiary). The term beekeeper refers to a person who keeps honey bees i ...

In popular culture

In the 2011 film ''

Too Big to Fail "Too big to fail" (TBTF) and "too big to jail" is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the great ...

'', McCarthy is played by actor George Taylor.

References

{{DEFAULTSORT:McCarthy, Callum 1944 births Living people British bankers Stanford Graduate School of Business alumni People educated at Manchester Grammar School Stanford Sloan Fellows Alumni of Merton College, Oxford Knights Bachelor Fellows of Merton College, Oxford