Blythe Masters

Born in Oxford, Masters was raised in the south-east of England. She attended The King's School in Canterbury.{{cite news|author=David Teather |url=https://www.theguardian.com/business/2008/sep/20/wallstreet.banking |title=The woman who built financial 'weapon of mass destruction' | Business |work=The Guardian |date= 20 September 2008|access-date=19 May 2010 | location=London}} She graduated in 1991 from Trinity College, Cambridge with a B.A. in economics.{{cite web|url=https://www.linkedin.com/in/blythemasters |title=Blythe Masters |publisher=LinkedIn}}

Masters joined the bank JP Morgan Chase in 1991, after completing a number of internships there while still a student dating back to 1987. Responsible for credit derivative products at J.P. Morgan, Masters became a managing director at 28, the youngest woman to achieve that status in the firm's history.{{cite news|url=https://www.wsj.com/articles/SB10001424052748703927504575540241298913962 |title=J.P. Morgan Commodities Chief Takes the Heat | work=The Wall Street Journal |author=Dan Fitzpatrick |date=9 October 2010}} She is widely credited with creating the modern credit default swap, a derivative used to manage credit exposure to underlying reference entities.{{cite magazine|url=http://www.newyorker.com/arts/critics/books/2009/06/01/090601crbo_books_lanchester |title=Outsmarted: High finance vs. human nature |author=John Lanchester |date= 1 June 2009 |magazine=The New Yorker }} In 1994, J.P. Morgan had extended a $4.8 billion credit line to Exxon, which faced the threat of $5 billion in punitive damages for the Exxon Valdez oil spill. A team of J.P. Morgan bankers led by Masters then purchased credit protection against the credit line to the European Bank of Reconstruction and Development to cut the capital which J.P. Morgan was required to hold against Exxon's default, thus reducing its own risk. J.P. Morgan later bundled together packages of such exposures and offered them to market as BISTRO, for Broad Index Secured Trust Offering,{{cite web|url=https://www.euromoney.com/article/b1321xvp9wjw1g/how-the-structured-credit-revolution-started |title=How the structured credit revolution started |author= Alex Chambers|date=1 May 2006|website=Euromoney}} and these new financial instruments were quickly adopted by other banking institutions.

When derivatives played a role in the 2008 financial crisis, having been applied by other firms to sub-prime mortgages, Gillian Tett's book, Fool's Gold: How the Bold Dreams of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe, documented how the original intent and features of credit derivatives had been distorted.Fool's Gold: How the Bold Dreams of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe, by Gillian Tett: {{ISBN|978-1-4165-9857-2}}, Spear's Book Awards Financial Book of the Year 2009. Nonetheless, Masters was described by the UK newspaper The Guardian as "the woman who invented financial weapons of mass destruction". The paper later apologised for failing to give Masters an adequate opportunity to respond to their characterisation. She had told the newspaper: "I do believe CDS [credit default swaps] have been miscast, much as poor workmen tend to blame their tools." Masters explained to The Economist, "Tools that transfer risk can also increase systemic risk if major counterparties fail to manage their exposures properly."{{cite news|url=http://www.economist.com/node/12552204 |title=Credit derivatives: The great untangling |newspaper=The Economist | date=6 November 2008}} In April 2010 she told the Economic and Monetary Affairs Committee of the European Parliament that "there are definitely lessons that have to be learnt. I for one feel that I have learnt from that experience and there are things I may like to have seen done differently". She stated support for reforms which increase transparency and reduce the risk of contagion among financial firms.{{cite web|url=http://www.europarl.europa.eu/sides/getDoc.do?language=en&type=IM-PRESS&reference=20100426STO73416 |title=Derivatives: To understand risks better, transparency should be increased |publisher=European Parliament |date=28 April 2010}}

From 2001 to 2004, Masters served as the bank's head of Global Credit Portfolio and Credit Policy and Strategy. From 2004 to 2007, she was Chief Financial Officer of J.P. Morgan's Investment Bank. In 2007, she was named head of Global Commodities. By 2014, J.P. Morgan had the largest revenues of any investment bank in commodities, according to United Kingdom analytics firm Coalition.{{cite web |url=https://www.reuters.com/article/us-jp-morgan-commodities-coalition-idUSBREA2J1GR20140320 |title=JPMorgan named top commodities bank, day after selling physical business |author=David Sheppard |date=20 March 2014 |work=Reuters |access-date=30 June 2017 |archive-date=2 October 2015 |archive-url=https://web.archive.org/web/20151002155425/http://www.reuters.com/article/2014/03/20/us-jp-morgan-commodities-coalition-idUSBREA2J1GR20140320 |url-status=live }} That same year, J.P. Morgan announced the sale of its physical commodities business for $3.5bn in the face of increased regulatory scrutiny brought on by a Federal Energy Regulatory Commission investigation into the bank’s alleged manipulation of energy markets in California and Michigan.{{cite web|url=https://www.bloomberg.com/news/2014-03-19/jpmorgan-said-to-agree-on-sale-of-commodities-unit-to-mercuria.html |title=JPMorgan Agrees to Sell Commodities Unit for $3.5 Billion |author=Andy Hoffman and Hugh Son |work=Bloomberg |date=19 March 2014}} J.P. Morgan paid $410 million to settle the investigation without admitting wrongdoing. J.P. Morgan defended Masters, stating that "We strongly dispute that Blythe Masters or any employee lied or acted inappropriately in this matter". Masters left J.P. Morgan once she had completed the sale for the bank.{{cite news|url=https://www.ft.com/content/d7f2a4a6-b9b9-11e3-a3ef-00144feabdc0 |title=The female face of the crisis quits the spotlight | work=The Financial Times |author=GillianTett |date=3 April 2014}}

Masters was the Chair of the Securities Industry and Financial Markets Association from 2008 to 2010 and also of the Global Financial Markets Association from 2012 to 2014, trade associations whose missions include promoting public trust and confidence in financial markets. She has frequently represented the industry in Washington, D.C., on matters including the design of carbon markets to contain global warming, curbs on large commodities trading positions and the financial regulatory overhaul.

Masters was named the CEO of Digital Asset Holdings in March 2015, a company that builds secure and distributed processing tools to speed up settlement, reduce costs and enhance security and transparency in regulated industries.{{cite web|url=https://www.bloomberg.com/news/features/2015-09-01/blythe-masters-tells-banks-the-blockchain-changes-everything|title=Blythe Masters tells banks the blockchain changes everything|author=Matthew Leising and Edward Robinson |date=31 August 2015|work=Bloomberg}}{{cite web|url=http://www.ft.com/intl/cms/s/0/e29808a8-c744-11e4-9e34-00144feab7de.html|title=Masters joins cryptocurrency start-up|author=Tom Braithwaite and Ben McLannahan|date=10 March 2015|work=Financial Times}} The startup raised more than $100 million in multiple rounds of funding from fifteen technology and financial firms, such as Citibank, Goldman Sachs, JPMorgan, Deutsche Boerse, Depository Trust & Clearing Corporation (DTCC), CME, IBM and Accenture. The company distributed ledger systems for the Australian Securities Exchange (ASX), DTCC and others.{{cite news |author=Robert Hackett |url=http://fortune.com/2016/02/18/blythe-masters-blockchain/ |title=Meet the ex-JPMorgan Blockchain Trail-Blazer Shaking Up Wall Street |work=Fortune |date=18 February 2016}} In December 2017, ASX officially announced it would upgrade its post-trade settlement system to a blockchain platform designed by Digital Asset Holdings.{{Cite news|url=https://www.reuters.com/article/asx-blockchain-idUSL3N1VQ1KI|title=Australia's ASX delays blockchain transition by 6 months|date=2018-09-04|work=Reuters|access-date=2019-05-27|language=en}} In November 2022, ASX officially announced it would stop using the blockchain platform completely.{{Cite web |last=Castillo |first=Michael del |title=ASX Chairman Apologizes After Writing Off $165 Million Blockchain Project |url=https://www.forbes.com/sites/michaeldelcastillo/2022/11/16/seminal-blockchain-project--goes-down-the-drain-chairman-apologizes/ |access-date=2023-04-23 |website=Forbes |language=en}} In December 2018, Masters announced that she was stepping down as CEO, but would remain a board member, strategic advisor and a shareholder.{{Cite web|url=https://www.cnbc.com/2018/12/19/blythe-masters-wall-streets-best-known-blockchain-cheerleader-resigns-from-digital-asset-holdings.html|title=Blythe Masters, Wall Street's best-known blockchain cheerleader, resigns from Digital Asset Holdings|last=Rooney|first=Kate|date=2018-12-19|website=CNBC|language=en|access-date=2019-11-19}}

In December 2015, it was posited in the media that the new Barclays CEO Jes Staley had approached Masters about running the bank’s investment banking division, however Masters indicated she was fully committed to her current role at Digital Asset Holdings.{{cite web |title=Exclusive: Barclays' boss wants Blythe Masters to run investment bank - source |url=https://www.reuters.com/article/us-barclays-investmentbank-masters-idUSKBN0TL2JT20151202#BZKXExkHCgUCDbW1.97 |website=Reuters |author=Michael Erman and Steve Slater |date=2 December 2015 |access-date=30 June 2017 |archive-date=4 December 2015 |archive-url=https://web.archive.org/web/20151204052830/http://www.reuters.com/article/2015/12/02/us-barclays-investmentbank-masters-idUSKBN0TL2JT20151202#BZKXExkHCgUCDbW1.97 |url-status=live }} From 2015 to 2016 she was the chairwoman of Santander Consumer Holdings Inc. (NYSE: SC), a full-service, technology-driven consumer finance company.{{Cite web |last=Arnold |first=Martin |date=12 July 2016 |title=Blythe Masters quits as chairwoman of Santander Consumer USA |url=https://www.ft.com/content/564bc63e-484c-11e6-b387-64ab0a67014c |work=Financial Times}}

Masters was appointed to the board of directors of Phunware on December 30, 2019,{{Cite web|url=https://investors.phunware.com/news-events/press-releases/detail/66/wall-street-veteran-blythe-masters-appointed-to-phunware|title=Wall Street Veteran Blythe Masters Appointed to Phunware Board of Directors|author=Press Release|date=2019-12-30|website=phunware|language=en|access-date=2024-02-24}} and was named its chair in March 2020.{{Cite web|url=https://www.theglobeandmail.com/investing/markets/stocks/SC/pressreleases/4946236/phunware-announces-the-appointment-of-wall-street-veteran-blythe-masters-as-board-chair/|title=Phunware Announces the Appointment of Wall Street Veteran Blythe Masters as Board Chair|date=2020-03-30|website=theglobeandmail|language=en|access-date=2024-02-24}} A year later, she informed Phunware that she was resigning from the board.{{Cite web|url=https://www.cbsnews.com/news/jpmorgan-chase-blythe-masters-phunware-quit/|title=Former JPMorgan executive quits board of company that collected data for Trump 2020 campaign|last=Gandel|first=Stephen|date=2020-04-01|website=cbsnews|language=en|access-date=2024-02-24}}

In April 2021, Masters was elected to the Board of Directors of Credit Suisse Group AG.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1053092/000137036821000045/a20210430agm-6k.htm|title=REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934|last=Form 6-K|date=2021-04-30|website=SECURITIES AND EXCHANGE COMMISSION|language=en|access-date=2024-02-24}} In December that year, she joined Wilshire Associates as chair of its new Digital Assets Advisory Group.{{Cite web |last=Lang |first=Hannah |date=14 December 2021 |title=Blythe Masters to head up new digital asset standards venture |url=https://www.reuters.com/markets/funds/blythe-masters-head-up-new-digital-asset-standards-venture-2021-12-14/ |publisher=Reuters}}

In August 2024, Masters was appointed as the Group CEO of FNZ.{{cite news |last1=Uhlig|first1=Linus| url= https://www.investmentweek.co.uk/news/4352028/fnz-shakes-suite-blythe-masters-replaces-adrian-durham-ceo|title= FNZ shakes up C-suite as Blythe Masters replaces Adrian Durham as CEO| work=investment week|date=29 August 2024 }}

In February 2025, Masters rejoined JPMorgan as chair of its securities unit in the UK.{{Cite web |last=Mucklejohn |first=Lars |title=JPMorgan appoints Blythe Masters to chair UK securities unit |url=https://www.fnlondon.com/articles/jpmorgan-appoints-blythe-masters-to-chair-uk-securities-unit-a1e63f3e |access-date=2025-02-19 |website=www.fnlondon.com |language=en-GB}}

In 2019, Masters joined Motive Capital Partners, a private equity firm.{{Cite news|work=Forbes|title=Blythe Masters Is Back...At A New $473 Million Private Equity Fund|url=https://www.forbes.com/sites/michaeldelcastillo/2019/12/17/blythe-masters-is-backat-a-new-473-million-private-equity-fund/|author=Michael del Castillo|date=December 17, 2019}} In September 2021, Motive announced that she was leading Motive's acquisition of Forge Global, a pre-IPO stock marketplace, via a special-purpose acquisition company merger valued at approximately $2 billion.{{cite news|publisher=Wall Street Journal|title=Pre-IPO Marketplace Forge Global to Go Public in $2 Billion SPAC Deal|date=September 13, 2021|author=Alexander Osipovich|url=https://www.wsj.com/articles/pre-ipo-marketplace-forge-global-to-go-public-in-2-billion-spac-deal-11631530800}}

Bloomberg named Masters one of the 50 most influential people of the year in 2016.{{cite news |url=https://www.bloomberg.com/features/2016-most-influential/ |title=Bloomberg's Fifty Most Influential |work=Bloomberg Businessweek |archive-date=23 September 2016 |archive-url=https://web.archive.org/web/20160923054526/https://www.bloomberg.com/features/2016-most-influential/ }}

Masters is Co-Chair of the Board of the Global Fund for Women, a board member of both The Breast Cancer Research Foundation and ID2020,{{Cite web|title=Global Fund for Women - Blythe Masters|url=https://www.globalfundforwomen.org/team/blythe-masters/|website=Global Fund for Women|date=29 September 2015 }} and the former Chair of the Board of the Greater NY Affiliate of the breast cancer charity, Susan G. Komen for the Cure. She is an amateur equestrian.{{cite web|url=http://www.crainsnewyork.com/40under40/2004/Masters |title=Blythe Masters – 2004 40 Under 40 – Crain's New York Business Rising Stars |work=Crains New York|date=28 July 2018 }}{{Cite web |last=Alden |first=William |date=2 April 2014 |title=JPMorgan Executive May Trade Corporate Saddle for a Real One |url=https://archive.nytimes.com/dealbook.nytimes.com/2014/04/02/masters-may-trade-corporate-saddle-for-a-real-one/ |work=The New York Times}}

She was married to Daniel Masters, who also worked on the commodities desk at JPMorgan. The couple divorced in 2001.{{Cite web |last=Leff |first=Jonathan |date=28 July 2013 |title=For the Masters of commodities at JPMorgan, a sense of deja vu |url=https://www.reuters.com/article/business/for-the-masters-of-commodities-at-jpmorgan-a-sense-of-deja-vu-idUSL1N0FX0BG/ |publisher=Reuters}}{{Cite web |last=Ferro |first=Shane |date=10 March 2015 |title=Ex-JP Morgan superstar Blythe Masters is getting into the Bitcoin business |url=https://www.businessinsider.com/blythe-masters-bitcoin-startup-ceo-2015-3 |website=Business Insider}} They have a daughter.{{Cite web |last=Wei |first=Lisa |date=9 November 2005 |title=Businesswoman credits luck, attitude for success |url=https://www.thedp.com/article/2005/11/businesswoman_credits_luck_attitude_for_success |work=The Daily Pennsylvanian}} She then married a self-employed investor, Gareth Evans.{{Cite web |last=Barrett |first=Paul M. |date=12 September 2013 |title=Blythe Masters, JPMorgan's Credit Derivatives Guru, Is Not Sorry |url=https://www.bloomberg.com/news/articles/2013-09-12/blythe-masters-jpmorgans-credit-derivatives-guru-is-not-sorry |work=Bloomberg Businessweek}}

{{Reflist|30em}}

• {{LinkedIn URL|https://www.linkedin.com/in/blythemasters}}
• [http://mycrains.crainsnewyork.com/40under40/profiles/2004/blythe-masters Crains New York 40 Under 40 Profile]

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Category:Living people

Category:1969 births

Category:English economists

Category:British women economists

Category:JPMorgan Chase people

Category:People from Oxford

Category:British women chief executives

Category:People associated with cryptocurrency