A major contributor to this article appears to have aclose connectionwith its subject.(January 2021) |
James Christopher Flowers(born 1957) is an Americanprivate equityinvestor and investment manager focused on thefinancial servicesindustry. He is a Managing Director and CEO ofJ.C. Flowers & Co.,and a member of the firm's Management Committee.
J. Christopher Flowers | |
|---|---|
| Born | James Christopher Flowers 1957 (age 66–67) Berkeley, California,U.S. |
| Education | Harvard University(BA)[1] |
| Occupation(s) | Private equity,Humanitarian,[2][3]and Philanthropist[2][3] |
| Employer(s) | J.C. Flowers & Co.[4] Goldman Sachs(prior)[5] |
| Known for | Financial services investing,J.C. Flowers & Co.,J.C. Flowers Foundation[6] |
| Title | Managing DirectorandCEO[4] |
| Spouses | |
Early life and education
editFlowers was born in 1957 inBerkeley, California.[10]He grew up inWayland, Massachusetts,where he attendedWayland High School.He graduatedmagna cum laudefromHarvard Universitywith a degree in Applied Mathematics.[11]
Professional career
editGoldman Sachs
editFlowers worked atGoldman Sachsfor 19 years starting in March 1979, and was a founder of Goldman'sfinancial institutionsmerger practice in the 1980s. Flowers was named partner in 1988, the same year as former Goldman CEOLloyd Blankfeinand former Merrill Lynch CEOJohn Thain.[12]At 31, he was one of the youngest Goldman Sachs partners in history. Flowers retired from Goldman in 1998, one of fifteen partners to leave the bank prior to its 1998 initial public offering.[13]
J.C. Flowers & Co.
editIn 1998, Flowers foundedJ.C. Flowers & Co.,a private equity advisory and fund management firm which has acquired major equity stakes in Shinsei,NIBC Bank,HSH Nordbankand other financial institutions.[13][14]As of 2017, the company manages assets of US $6.7 billion.[15]
Flowers was the main partner ofRipplewood HoldingsCEOTim Collinsin the 2000 acquisition ofLong-Term Credit Bank of Japanto formShinsei Bank.[16]He became a director of Shinsei Bank in March 2000.[17]Shinsei'sinitial public offeringin 2004 netted a profit of approximately $1 billion for himself and $7 billion total for his investment group.[18]However, the value of the investor group's stake decreased in the following years.[18][19]
Involvement in the 2008 financial crisis
editAfter an unsuccessful attempt to arrange an acquisition ofSallie Maein 2007, Flowers became deeply involved in thefinancial crisis of September 2008.He was approached byAIGto advise it on avoiding an imminent financial collapse. Flowers was well acquainted with Treasury SecretaryHenry Paulsonfrom their days together at Goldman Sachs, and was among the first to warn Paulson of the impending disaster at AIG. Flowers continued to advise Bank of America as it gave up on a Lehman acquisition and went on to acquireMerrill Lynch.[13]Flowers's role in the crisis was portrayed byMichael O'Keefein the 2011HBOfilmToo Big to Fail.[20]
In September 2008, Flowers also purchased the First National Bank of Cainesville, a regional bank inMissouri,renaming it Flowers National Bank.[21]Flowers sold the bank to Farmers Bank of Northern Missouri in 2016.[22]
In June 2014, Flowers completed the first public listing of a British bank on theLondon Stock Exchange's main market for more than a decade when he floated U.K. bankOneSavings Bank(OSB), a small business and mortgage lender he bought into in 2010.[13]Later that year he argued that banking regulations in the wake of the 2008 financial crisis had depressed profitability so much that lenders would struggle to attract enough investors to survive the next financial crisis.[23]In 2016,Fortunereported that he suffered heavy losses from theBrexitvote, largely as a result of private equity investments in OSB;[20]however, by 2018, Flowers had completely exited OSB in one of the most profitable recent financial services deals.[24]
References
edit- ^"Professorship Challenge Fund set into motion".16 February 2006.
- ^abc"J. Christopher Flowers".
- ^ab"Malaria Archives".
- ^ab"J. Christopher Flowers".
- ^"This is How Chris Flowers Scored the Most Profitable Private-Equity Deal of All Time".Business Insider.
- ^"J.C. Flowers Foundation | Devex".
- ^"Dr. Mary White Becomes a Bride".The New York Times.June 3, 1984.
- ^Voien, Guelda (September 4, 2013)."J. Christopher Flowers' ex-wife takes $3M hit on UES co-op".The Real Deal.
- ^"Global Leadership Team".
- ^Arnold, Martin (July 20, 2014)."J Christopher Flowers: after the storm, the deals".Financial Times.
- ^Doran, James (2007-10-07)."Heart of steel in banker who wants the Rock".The Guardian.ISSN0261-3077.Retrieved2017-07-14.
- ^36 New Goldman Partners Symbolize a Global Outlook.New York Times, October 18, 1988
- ^abcdArnold, Martin (20 July 2014)."J Christopher Flowers: after the storm, the deals".Financial Times.Retrieved10 August2015.
- ^"NIBC Board".nibc.Retrieved2018-07-16.
- ^"J.C. Flowers & Co. LLC - Financial Services Firm, New York, New York - BrightScope Advisor Pages".brightscope.Retrieved2017-07-14.
- ^"The 400 Richest Americans in 2006".Forbes.2006-09-21. Archived fromthe originalon February 12, 2007.
- ^"Flowers profile at Shinsei Bank".Archived fromthe originalon 2013-02-02.Retrieved2011-06-19.
- ^ab"This Is How Chris Flowers Scored The Most Profitable Private-Equity Deal Of All Time".Business Insider.Retrieved2017-07-14.
- ^Dealbook (November 20, 2007)."Revisiting Flowers' (First) Shinsei Deal".DealBook.Retrieved2017-07-14.
- ^abCelarier, Michelle."Prominent Wall Street Dealmaker Is One of Brexit's First Big Victims".Fortune.Retrieved2017-07-14.
- ^"Flowers Bank profile".Flowers Bank website.Retrieved10 August2015.
- ^"Bloomberg Overview of Flowers National Bank".Bloomberg.Retrieved2018-07-16.
- ^Arnold, Martin (21 July 2014)."J Christopher Flowers warns of banking crisis".CNBC.Retrieved10 August2015.
- ^"BJC Flowers' OneSavings Looks Like Winner in Battle of Private Equity-Backed Challenger Banks".Private Equity News.Retrieved2018-07-16.