Sir Deryck Charles Maughan (born 20 December 1947) is an English businessman.

Early life

Maughan was born in Consett, County Durham to a

working class The working class (or labouring class) comprises those engaged in manual-labour occupations or industrial work, who are remunerated via waged or salaried contracts. Working-class occupations (see also " Designation of workers by collar colo ...

family. His father worked as a coal miner. He moved with his parents to

Richmond, North Yorkshire Richmond is a market town and civil parish in North Yorkshire, England, and the administrative centre of the district of Richmondshire. Historically in the North Riding of Yorkshire, it is from the county town of Northallerton and situated on ...

, where they managed the Fleece Hotel. He attended Richmond Grammar School. Maughan won a

scholarship A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need. Scholars ...

and studied

sociology Sociology is a social science that focuses on society, human social behavior, patterns of social relationships, social interaction, and aspects of culture associated with everyday life. It uses various methods of empirical investigation an ...

and

geography Geography (from Greek: , ''geographia''. Combination of Greek words ‘Geo’ (The Earth) and ‘Graphien’ (to describe), literally "earth description") is a field of science devoted to the study of the lands, features, inhabitants, an ...

at King's College London. He then earned a MS from Stanford Graduate School of Business in 1978, where he was a

Harkness Fellow The Harkness Fellowship (previously known as the Commonwealth Fund Fellowship) is a program run by the Commonwealth Fund of New York City. This fellowship was established to reciprocate the Rhodes Scholarships and enable Fellows from several coun ...

Career

Maughan worked at

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ...

from 1969. Considered the most elite of the British civil services, Maughan was one of only three men hired to join that year. He went to work as a bond salesman at the London office of Goldman Sachs from 1979 to 1983. Maughan left Goldman Sachs for

Salomon Brothers Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street durin ...

in New York from 1983, where he worked as an international bond sales manager. Salomon Brothers promoted Maughan to managing director of their small Asian subsidiary in 1986. It was here then Maughan made his reputation, as Solomon Brothers Asia grew into one of the top five

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

firms in Japan, eventually accounting for 15 to 20 percent of Salomon Brothers profits. Maughan returned to New York from 1991. Following a corporate scandal, acting-chairman and largest shareholder

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...

promoted Maughan to chairman and CEO of Salomon Brothers from 1992 to 1997. Maughan was tasked with turning around the reputation of Solomon Brothers. He streamlined the business, with the loss of 150 jobs. Maughan also cut his salary, managing Solomon Brothers for less than he had earned as manager of the Asian operations. Buffett has latterly been ebullient in his praise of Maughan, describing him as "my smartest hire". 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." During his tenure at Salomon Brothers, Maughan was profiled in ''

New York Magazine ''New York'' is an American biweekly magazine concerned with life, culture, politics, and style generally, and with a particular emphasis on New York City. Founded by Milton Glaser and Clay Felker in 1968 as a competitor to ''The New Yorker' ...

'' as ""investment banking's

Hamlet ''The Tragedy of Hamlet, Prince of Denmark'', often shortened to ''Hamlet'' (), is a tragedy written by William Shakespeare sometime between 1599 and 1601. It is Shakespeare's longest play, with 29,551 words. Set in Denmark, the play depicts ...

", boasting and optimistic and yet curiously passive and melancholic." Maughan served as Vice-Chairman of the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

from 1996 to 2000. Maughan became Vice Chairman of Citigroup and CEO of Citigroup International from 1998 to 2004. Maughan resigned his position in 2004 after regulators discovered fraud and insufficient checks against money laundering at the Japanese subsidiary. From 2005 Maughan was the chairman of the Asian subsidiary of Kohlberg Kravis Roberts & Co. Maughan was appointed a director of

BlackRock BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with trill ...

in 2006. He also served as a director of GlaxoSmithKline from 2004 to 2016 and Thomson Reuters from 2005. Maughan retired in 2019.

Personal life

Deryck Maughan married Lorraine V Hannemann, the sister of Mufi Hannemann, in

Hawaii Hawaii ( ; haw, Hawaii or ) is a state in the Western United States, located in the Pacific Ocean about from the U.S. mainland. It is the only U.S. state outside North America, the only state that is an archipelago, and the only state ...

in 1981. Maughan is a Trustee of the British Museum 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 The Maughan Library () is the main university research library of King's College London, forming part of the Strand Campus. A 19th-century neo-Gothic building located on Chancery Lane in the City of London, it was formerly the home to the headq ...

of King's College is named after him.

Honours

Maughan was knighted by Her Majesty the Queen in 2002 for his contribution to British interests in the United States.

References

{{DEFAULTSORT:Maughan, Deryck Charles 1947 births Living people British businesspeople British philanthropists Alumni of King's College London Stanford Graduate School of Business alumni Harkness Fellows British expatriates in the United States Knights Bachelor Stanford Sloan Fellows GSK plc people People from Consett