Sir Deryck Charles Maughan (born 20 December 1947) is an English businessman.
Sir Deryck Charles Maughan (born 20 December 1947) is an English businessman.
Maughan was born in Consett, County Durham to a working class family. [1] His father worked as a coal miner. [2] He moved with his parents to Richmond, North Yorkshire, where they managed the Fleece Hotel. [3] He attended Richmond Grammar School.
Maughan won a scholarship and studied sociology and geography at King's College London. [1] He then earned a MS from Stanford Graduate School of Business in 1978, where he was a Harkness Fellow.
Maughan worked at HM Treasury from 1969. [1] Considered the most elite of the British civil services, Maughan was one of only three men hired to join that year. [1]
He went to work as a bond salesman at the London office of Goldman Sachs from 1979 to 1983. [1]
Maughan left Goldman Sachs for Salomon Brothers in New York from 1983, where he worked as an international bond sales manager. [1]
Salomon Brothers promoted Maughan to managing director of their small Asian subsidiary in 1986. [4] It was here then Maughan made his reputation, as Solomon Brothers Asia grew into one of the top five securities firms in Japan, eventually accounting for 15 to 20 percent of Salomon Brothers profits. [4] Maughan returned to New York from 1991. [5]
Following a corporate scandal, acting-chairman and largest shareholder Warren Buffett promoted Maughan to chairman and CEO of Salomon Brothers from 1992 to 1997. [2] Maughan was tasked with turning around the reputation of Salomon Brothers. He streamlined the business, with the loss of 150 jobs. [5] Maughan also cut his salary, managing Salomon Brothers for less than he had earned as manager of the Asian operations. [6]
Buffett has latterly been ebullient in his praise of Maughan, describing him as "my smartest hire". [2] Buffett also said: "Deryck Maughan came in and I put him in total charge of running Salomon Brothers. And everything he did, you know, was perfect ... He was working 15-hour days. He never asked for any extra compensation of any kind." [7]
During his tenure at Salomon Brothers, Maughan was profiled in New York Magazine as ""investment banking's Hamlet", boasting and optimistic and yet curiously passive and melancholic." [8]
Maughan served as vice-chairman of the New York Stock Exchange from 1996 to 2000.
Maughan became Vice Chairman of Citigroup and CEO of Citigroup International from 1998 to 2004. [2] Maughan resigned his position in 2004 after regulators discovered fraud and insufficient checks against money laundering at the Japanese subsidiary. [9]
From 2005 Maughan was the chairman of the Asian subsidiary of Kohlberg Kravis Roberts & Co. [10]
Maughan was appointed a director of BlackRock in 2006. He also served as a director of GlaxoSmithKline from 2004 to 2016 [2] and Thomson Reuters from 2005. [11]
Maughan retired in 2019. [12]
Deryck Maughan married Lorraine V Hannemann, the sister of Mufi Hannemann, in Hawaii in 1981. [13]
Maughan is a Trustee of the British Museum [14] and serves on an Advisory Council at Stanford University. He has also served as a Trustee of Lincoln Center, Carnegie Hall and NYU Langone Medical Center. The Maughan Library of King's College is named after him.
Maughan was knighted by Her Majesty the Queen in 2002 for his contribution to British interests in the United States.
Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.
Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of October 2024, he had a net worth of $147 billion, making him the eighth-richest person in the world.
Li Lu is a Chinese-born American value investor, businessman and philanthropist. He is the founder and chairman of Himalaya Capital. Prior to immigrating to America, he was one of the student leaders of the 1989 Tiananmen Square student protests. In 2021, he also co-founded The Asian American Foundation and serves as its chairman.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer formed in 1955 from the merger of Hathaway Manufacturing Company and Berkshire Fine Spinning Associates, the company transitioned into a conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (1924–2023). Greg Abel now oversees most of the company's investments and has been named as the successor to Buffett. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many international financial centers. Goldman Sachs is the second-largest investment bank in the world by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. In the Forbes Global 2000 of 2024, Goldman Sachs ranked 23rd. It is considered a systemically important financial institution by the Financial Stability Board.
Robert Edward Rubin is an American retired banking executive, lawyer, and former government official. He served as the 70th U.S. Secretary of the Treasury during the Clinton administration. Before his government service, he spent 26 years at Goldman Sachs, eventually serving as a member of the board and co-chairman from 1990 to 1992.
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States and a very profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the King of Wall Street".
John Halle Gutfreund was an American banker, businessman, and investor. He was the CEO of Salomon Brothers Inc., an investment bank that gained prominence in the 1980s. Gutfreund turned Salomon Brothers from a private partnership into a publicly traded corporation, which started a trend in Wall Street for investment companies to go public.
Lee Enterprises, Inc. is a publicly traded American media company. It publishes 77 daily newspapers in 26 states, and more than 350 weekly, classified, and specialty publications. Lee Enterprises was founded in 1890 by Alfred Wilson Lee and is based in Davenport, Iowa.
Gary Weiss is an American investigative journalist, columnist and author of books that examine the ethics of Wall Street. He was also a contributing editor for Condé Nast Portfolio. His Businessweek articles exposed organized crime on Wall Street and the Salomon Brothers bond trading scandal in the 1990s, and he covered the 2008 financial crisis and its aftermath. Weiss is co-founder of The Mideast Reporter.
GMAC ResCap, Inc., earlier Residential Funding Company LLC and Residential Capital Corporation, was a residential mortgage loan originator and servicer based in Minneapolis, Minnesota. It was a subsidiary of GMAC. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013.
ESL Investments is a privately held hedge fund based in Greenwich, Connecticut.
Sir Winfried Franz Wilhelm Bischoff was a German-born British banker who was the chairman of Lloyds Banking Group. He previously served as chairman and interim CEO of Citigroup in 2007. He was succeeded as CEO by Vikram Pandit on 11 December 2007. Bischoff stepped down as chairman on 23 February 2009 and was replaced by Richard Parsons. He had dual British and German citizenship.
Phibro is an international physical commodities trading firm. Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities, and other products. Phibro became the largest metal trading company in the world. Phibro's headquarters are located in Stamford, Connecticut.
Thomas (Tom) G. Maheras is an American finance executive that is currently a managing partner of Tegean Capital Management, LLC, a New York-based hedge fund.
Alice Schroeder is an American executive, financial journalist, and author who was Berkshire Hathaway's leading sell-side insurance analyst at Morgan Stanley and later became Warren Buffett's appointed biographer. Schroeder remains a widely-regarded insurance expert, having most recently served as a Non-Executive Director on the Board of Prudential PLC. In the first week of October 2008, she published The Snowball: Warren Buffett and the Business of Life, a New York Times bestseller. As a project manager for the US Financial Accounting Standards Board, she oversaw the release of SFAS No. 113, a critical change in US reinsurance accounting regulations. Since 2008, Schroeder has worked as a columnist for Bloomberg News.
Byron David Trott is the founder, chairman and co-CEO of BDT & MSD Partners, a merchant bank that provides advice and capital to family and founder-led companies. Formerly, Trott was vice chairman of Investment Banking at Goldman Sachs.
Ian Charles Hannam is a British investment banker, and founder of Hannam & Partners. He was previously Vice-Chairman of JPMorgan, where he became known as the "King of Mining". Hannam has been a principal investor in each of his banking endeavours and of late has been increasingly active as a principal investor outside of banking with a series of investments in the resource and fintech spaces. He remains one of the world's leading brokers of capital investments.
John LeFevre is a former Salomon Brothers and Citigroup investment banker and bond syndicate executive. LeFevre is known for creating the anonymous Goldman Sachs Elevator (@GSElevator) Twitter handle. The account purported to reflect and satirize banking culture, and accumulated considerable followers and press coverage. Goldman Sachs and Citigroup launched internal investigations in an attempt to identify the source(s) of the tweets. It was later revealed by media outlet Gawker that LeFevre had possibly plagiarized tweets from self-proclaimed 'Gadabout' John Munson.
Gedale B. "Dale" Horowitz was an American banker and securities industry regulator known for serving on the executive committee of Salomon Brothers, founding and chairing the Public Securities Association and Securities Industry Association, and being the founding member and chairman of the Municipal Securities Rulemaking Board.
| Subsidiaries |
| ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Predecessors, acquisitions | |||||||||
| Products |
| ||||||||
| People |
| ||||||||
| Litigation | |||||||||
| Other | |||||||||
