Barclays name C.S. Venkatakrishnan as successor to former CEO Jes Staley
The bank's former Head of Global Markets and Group Chief Risk Officer takes over from Jes Staley effective immediately
November 07, 2021 -- Barclays appoints C.S. Venkatakrishnan as the Group's new Chief Executive Officer. Venkatakrishnan, the bank's former Head of Global Markets and Group Chief Risk Officer (CRO), takes over from Jes Staley.
Staley will be replaced by C.S. Venkatakrishnan, who pledged on Monday to continue his predecessor's strategy for Britain's third-biggest bank by market value. After a relatively transparent nomination process, Barclays announced on Monday that it would be selecting "Venkat" as its new CEO.
In his previous position at JP Morgan, Venkatakrishnan held roles in asset management and was Chief Investment Officer in global fixed income, as well as in investment banking, and in risk. Venkatakrishnan holds a PhD in operations research from the Massachusetts Institute of Technology, has worked in various roles from managing bond funds to leading the quantitative research team since joining JP Morgan in 1994.
Following the appointment of C.S. Venkatakrishnan ("Venkat") as Group Chief Executive on 4 November 2021, Barclays is announcing the following changes to the Group Executive Committee, effective immediately:
- Paul Compton will become Global Head of the Corporate and Investment Bank (CIB), and President of Barclays Bank PLC. He was most recently Global Head of Investment Banking, and Co-President of Barclays Bank PLC. Paul will lead Barclays' Investment Banking, Global Markets, Research, and Corporate Banking businesses and will continue to deliver Barclays' successful CIB growth plan.
- Alistair Currie will become Global Head of Consumer Banking & Payments (CB&P). Alistair was most recently Head of Corporate Banking. Alistair will lead the ongoing transformation of the consumer banking and payments businesses as they become more digitally-focussed, efficient and returns-driven, whilst delivering excellent customer service.
In their new roles, Paul and Alistair will report into Venkat.
- Ashok Vaswani, will take on a new role as Chief Digital Strategy Officer, reporting into Venkat. As technology shapes customers' interactions with banks, Ashok will accelerate the strategy and execution of Barclays' consumer-facing digital products and services. As part of his new role, Ashok will also lead Barclays' strategic partnerships.
As a result of these changes, Barclays' Group Executive Committee comprises:
- C.S. Venkatakrishnan, Group Chief Executive (Board member)
- Tushar Morzaria, Group Finance Director (Board member)
- Mark Ashton-Rigby, Group Chief Operating Officer and Chief Executive, BX
- Paul Compton, Global Head of the Corporate and Investment Bank, and President of Barclays Bank PLC
- Alistair Currie, Global Head of Consumer Banking & Payments
- Matt Hammerstein, Chief Executive, Barclays UK
- Laura Padovani, Group Chief Compliance Officer
- Tristram Roberts, Group HR Director
- Taalib Shaah, Group Chief Risk Officer
- Stephen Shapiro, Group General Counsel and Company Secretary
- Sasha Wiggins, Group Head of Public Policy and Corporate Responsibility
- Lindsay O'Reilly continues to be a standing attendee of Group Executive Committee in her role as Chief Internal Auditor
Also following Venkat's appointment, the following changes will also take place to the Corporate and Investment Bank Leadership Team, with immediate effect, and reporting into Paul Compton as part of the CIB Management Team:
- Stephen Dainton will become Co-Head of Global Markets - Distribution, alongside Adeel Khan as Co-Head of Global Markets - Trading. Stephen was most recently Deputy Head of Markets, and Adeel was most recently Global Head of Credit Products.
- JF Astier and John Miller will become Global Co-Heads of Investment Banking. They were most recently Co-Heads of Investment Banking.
- David Farrow will take on the role of Head of Corporate Banking, on an interim basis. David was most recently the Head of Client Coverage for Corporate Banking.
Group Executive Committee and CIB Leadership changes are subject to regulatory approval where necessary.
C.S. Venkatakrishnan, Group Chief Executive, Barclays said:
"I consider myself very fortunate to take on my new role with a world-class team alongside me on the Group Executive Committee. We will work closely together on not only delivering an outstanding product and service set for our customers and clients, but in accelerating our growth and shareholder value."