Stephen Shapiro – GC Powerlist
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United Kingdom 2025

Financials

Stephen Shapiro

Group general counsel | Barclays PLC

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United Kingdom 2025

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Stephen Shapiro

Group general counsel | Barclays PLC

Team size: 750+

What are the key projects that you have been involved in over the past 12 months?

The new ESG disclosure in Europe under CSRD has required an incredible effort and support to comply with a new set of very detailed disclosure requirements, while navigating the risks attached to this new type of disclosure.

A flagship partnership with Marylebone Cricket Club to sponsor Lord’s cricket ground was completed and launched in January 2025. The multi-year partnership includes the MCC Foundation and Barclays’ participation in various charitable initiatives. Concluding the deal entailed securing a novel range of branding and experiential rights and partnership opportunities, whilst navigating complex third-party licensing aspects. This deal demonstrates the capability across numerous specialisms within Barclays Legal to deliver high-profile sponsorship deals at pace.

The Sale of Barclays’ consumer finance business in Germany completed in January 2025. This involved the sale by Barclays Bank Ireland PLC (Barclays Europe) of its German retail business to an Austrian bank (BAWAG) and involved a number of complex and novel legal structuring issues. This really showcased the talent in Barclays Legal in being a pioneer in cross border M&A, where we created new precedent case law in the Irish court on the use of schemes of arrangement.

In November last year, Barclays Legal also helped to deliver the acquisition of Tesco Bank for Barclays UK. This is a great example of a lot of talented lawyers across multiple disciplines, coming together to deliver at pace. This acquisition was an important step to increasing Barclays’ investment in the UK as part of our strategic priorities. Barclays UK also entered into a long-term exclusive strategic partnership, initially ten years, with Tesco as part of that transaction.

I have also been involved in the delivery and ongoing embedment of a transformational programme relating to laws, rules and regulations and a reinvention of what it means to be a Barclays lawyer.

The Legal team has dealt expertly and successfully with a number of important and significant legacy matters, including litigation, investigations and enforcement.

Barclays recently announced our new strategic partnership with Brookfield to transform the bank’s payment acceptance business. This was an innovative transaction which required extensive collaboration across Legal to deliver great and innovative legal advice and great outcomes.

Within Investment Banking and Global Markets, Barclays has recently undertaken a significant number of high-value, innovative and complex client transactions including: advising on Rosebank’s $1.9bn acquisition of Electrical Components International; advising and financing Bharti’s acquisition of a 24.5% stake in BT Group and high-profile strategic derivatives transactions within the European market; advising on U. S. Steel’s landmark $14.9bn partnership with Nippon Steel; and advising on Wiz’s $32bn sale to Google, representing one of the largest private Technology M&A transactions in history.

I was also involved in the acquisition by Barclays US Consumer Bank – through a new subsidiary, Barclays Lifestyles LLC – in July 2024 of certain of the U.S. assets of premium credit card company Luxury Card LLC and its affiliates, including Luxury Card’s patented metal cards, a suite of brands, a 24/7 concierge service, a luxury print magazine, and a mobile app. This involved extensive coordination among multiple teams within Barclays Legal covering M&A, banking regulations, intellectual property, data protection, commercial, and technology. Barclays Legal continues to advise on the integration of the Luxury Card assets and continued business operations.

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

The key is to understand the business and strategic context and then to make sure that the legal advice and related judgments are both right and reflect a deep understanding of stakeholder expectations and the strategic context and deliverables. Staying very closely attuned to any changes in the context and collaborating closely and in lockstep with colleagues in the business and other functions are critical.

Have you had any experiences during your career as a lawyer that stand out as particularly unique or interesting?

Working at the coal face of the defence of the initially hostile takeover of SABMiller was a memorable experience, as were working with the Barclays Board and senior management on activist defense, and finally resolving many long-running and high profile “legacy” matters.

What do you think are the most important attributes for a modern in-house counsel to possess?

It is of course crucial for in-house counsel to have sound judgment and to give excellent advice, but to me curiosity and humility are critical attributes. Being calm under pressure, doing what you say you will do, being independent-minded and collaborative are also all attributes which are key to building trust.

What is a cause, business or otherwise, that you are passionate about?

I love to help people to grow and develop, whether through mentoring, coaching or other forms of influence. It is tremendously gratifying to help people to fulfil their potential and realise their aspirations.

Stephen Shapiro - United Kingdom 2021

Group general counsel and company secretary | Barclays

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