My language was rude and sexist. I regret it – and hope for a fresh start
Shamed ex-Barclays executive tells how three banks shunned him over lewd remarks storm Former UK Finance chief’ s lewd Staveley remarks revealed
he says he has effectively been ‘expelled’ from the top tier of banking. He reveals that he’s now been rejected by three banks from roles in the boardroom.
‘It can be quite a lonely place once you’ve been expelled,’ Jones says. ‘I’m not asking for sympathy, but when you were working 90 hours a week [representing the banking industry in the Covid crisis] and suddenly it’s gone, that is quite difficult.
‘I’ve been turned down by three bank boards where the chairs have asked me if I would join, but someone else on the board has felt I was too risky to take on. I do really regret that because it’s largely out of fear of what the media reaction might be, rather than an understanding of who I am as a person. The surprising thing was that one of the banks was overseas. There’s a big ripple effect because people can obviously find these things on Google.’
Jones, 57, is at pains to stress that his comments in 2008 in no way reflect his attitudes towards women in banking, whom he routinely championed in his role at UK Finance. But he knows it will take time to win over his critics.
‘It’s just one of those moments in life where you have to be humble and you have to work your way back through lots of small actions,’ he says. ‘I have to rebuild my reputation. I think I’m still young enough and energetic enough to contribute more.
‘I’m happy to undertake single executive roles if they’re offered.’ For now, Jones is taking on ‘whatever is available’. He advises investment firms Bain Capital and Warburg Pincus on possible deals in financial services, and he is about to start working for Global Counsel, the public affairs group founded by Lord Mandelson. He also maintains a keen interest in making sure communities are not left behind by Britain’s largest banks. To that end, he’s taken up a role as non-executive chairman of OneBanks, a start-up aiming to build a network of shared banking kiosks in shopping centres and supermarkets.
OneBanks plans to open 150 kiosks across the country by 2025. The company has been sharing its insights with an industry group that is negotiating a plan for hundreds of shared bank branches. Jones will also help OneBanks contribute to the political debate over new laws that will make sure everyone who needs cash can access it. The Treasury is currently consulting businesses on how to draw up legislation.
‘My sense is that banks won’t be banned from closing branches, but there will be a requirement to look at the alternative service provision that needs to be introduced if a branch is to close,’ Jones says.
‘I suspect there will also be a pot that allows communities to come forward and say the services in their area are inadequate and they would like to bid for money. The banks could then pay someone like the Post Office or OneBanks to set up in their area.’
It’s admirable work, but a far cry from his high-powered conversations with the Chancellor when the pandemic struck last year and banks were tasked with issuing emergency loans to businesses.
‘[Leaving] was very sad for me because I loved my role at UK Finance,’ Jones says. ‘It felt like family and I felt like we mobilised the [banking] sector as a force for good in response to the pandemic.’
UK Finance chief resigns after email claim
Banking chief quits in sexism storm
‘You have to be humble and work your way back’