UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)

In 1976, Mr Kalaris graduated from Dickinson College in Pennsylvania with a degree in Economics. He subsequently undertook a postgraduate course at the University of Chicago and completed an MBA in 1978. He worked for JP Morgan in the US from 1977 to 1986, beginning on the trading floor and ending as Managing Director and Global Head of Fixed Income Research, Sales & Trading, and then as Head of Investment Client Management

In September 1996 Mr Kalaris joined Barclays, a well-known major global financial services provider, with operations in many countries including the UK and the USA. Barclays has a number of divisions, including Barclays Capital (“Barcap”). From 1997 until the end of 2005 Mr Kalaris was Chief Executive of Barclays in the Americas; he also served as Chairman of the Bond Market Association and sat on the Treasury Borrowing Advisory Committee, a formal advisory committee to the US Treasury.

Mr Kalaris moved to London in 2006 as Chief Executive of Wealth and Investment Management; in 2009 he joined Barclays’ Group Executive Committee, and in 2012 was appointed Barclays Group Executive Chairman of the Americas. Between 1 November 2007 and 1 May 2013, he was an approved person, holding the CF29 (Significant Management) function at Barclays.

We agree with Mr Stanley that Mr Kalaris is a highly intelligent man with a deep understanding of the markets in which he operated. Having heard him give evidence over one and half days and read his witness statement, we also agree that he is well able to express himself with precision.