New Barclays CEO Plans to Stick With Mentor Staley’s Strategy
Barclays’s Venkat Replaces Mentor Staley With ‘Mixed Emotions’
(Bloomberg) --
C.S. Venkatakrishnan is sticking to his predecessor Jes Staley’s strategy at Barclays Plc, and says his mentor’s shock departure means he is taking over the British lender “with deeply mixed emotions.”
“Jes has been my manager, mentor and friend for many years,” the executive, who is known as Venkat, said in his first memo as chief executive officer on Monday.
Staley “became chief executive of Barclays in one of our darkest hours, and devised and implemented a successful recovery strategy of outstanding vision,” Venkat recalled in the memo to staff, seen by Bloomberg News.
Venkat worked with Staley at JPMorgan Chase & Co. and was one of his first hires at Barclays, coming aboard initially as chief risk officer in 2016. Staley stepped down with immediate effect Monday amid a regulatory probe into his relationship with the financier and sex offender Jeffrey Epstein.
The executive, who was previously global head of markets, said he will announce changes to the corporate and investment bank as a result of his move in the coming days. “The strategy we have in place is the right one, and we will continue our existing plans to transform our organization and build on our financial prowess,” he said in the memo.
“We have a lot to do: provide the financial means and leadership to help our communities and society recover from the pandemic, and maintain and improve the performance of our bank,” he added.
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