IN NOVEMBER 2021, CS Venkatakrishnan was appointed to the position of Barclays group chief executive officer.
His appointment came in the wake of previous chief executive Jes Staley stepping down following misgivings about the way he had described his relationship with disgraced US financier Jeffrey Epstein to the British financial authorities. Epstein had taken his life in August 2019 whilst in prison on charges of sex trafficking. Staley intends to clear his name and the Barclays board accepted his resignation and moved to appointing Venkatakrishnan, who often goes by the name of Venkat to his colleagues.
He was appointed with immediate effect and took over the role of chief executive, moving across from head of global markets for Barclays. He had recently moved to that position from group chief risk officer – in a move many commentators saw as a stepping stone to the top job.
Like Staley, Venkat has a background as an investment banker at JP Morgan in the US and came across to Barclays in 2016 as a Staley appointment. His elevation to CEO was hasty and unexpected and as such Venkat was not exactly a known quantity to anyone outside the banking world.
Barclays said of his appointment, that he was a “highly regarded leader with significant banking and financial services experience” and that he had extensive knowledge and experience of risk management.
It said he had a “deep understanding of the business” and the markets it operated in.
The banking sector is currently buoyant following the coronavirus crisis, and there is scrutiny of bonuses.
Reporting profits of more than £8 billion, Barclays said its employee pool had risen to £1.9bn – the biggest pot since 2013.
The Times’ reported these results to have been a boost for the 56-year-old Venkat.
He described Staley as a friend and endorsed the strategy that had yielded such positive results for Barclays.
“I was part of the management team that developed the strategy we first set out in 2016 and I am delighted now that we are seeing the benefits. The broad strategy of this bank is not changing.”
He said Barclays would continue to follow a strong digital path for financial services with an emphasis on high street services.
There would continue to be expansion on the investment banking arm of Barclays and the pursuit of a green agenda was still in place too, he said.
A video piece to direct to camera, released in late February on his LinkedIn account, further extolled these three strategic objectives.
Releasing the results for 2021 at the end of the year, he had said: “Barclays demonstrated a clear and sustainable path to growth over the course of 2021, delivering double-digit RoTE (return on tangible equity) across our operating businesses, and returning £2.51 billion of excess capital.
“Our strategic priorities will continue to develop the diversified business model that we have established, investing in advanced technology capabilities in our consumer businesses, delivering sustainable growth across our global Corporate and Investment Bank, and reinforcing our commitment to aiding the transition to a low-carbon economy.”
Some describe him as a special kind of “risk manager” – he is quietly spoken, favours dark suits and is low-key according to one UK finance website.
The same website described him as a low-key nice guy and one who would make a great CEO for Barclays. The article was penned according to its date in October, just days before he became CEO.
The appointment perhaps reflects Barclays desire to be low-key, efficient and keep the money rolling in.
There are still challenges on the high street and with the general consumer – the bank continues to close branches and not every customer supports that move. Its wider custom services isn’t always highly regarded either.
Few high street banks have strong reputation with general punters – newer banks have done considerably better.
Venkat has spent much of his time in the US and at the start there was speculation about where he might actually be located.
He was based in New York and the move to the top job and London prompted the bank to include special provisions for his relocation and a £6,550 a month allowance to deal with the complications of having an established home across the Atlantic while his job required him to be based in London.
It is thought that the money will help with personal travel and family commitments. Venkat is reported to have three daughters and his youngest is thought to be still attending school in the US.
His banking journey is said to have begun with JP Morgan in 1994 and he rose through the ranks of asset management, investment banking, risk, to chief investment officer for fixed global income.
Born in Mysore in southern India, his higher education is believed to have been almost totally in the US and at the Massachusetts Institute of Technology (MIT) where he gained a bachelor’s, master’s and a Phd.
He summarised his first few months and the end of year results like this: “I am pleased to announce my first set of results as CEO. They are a robust set of numbers – strong profit growth, double digit returns and returning capital to shareholders. Our three strategic priorities will ensure we grow consistently and support our clients and customers. A great team effort across Barclays.”