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Barclays CEO Promotes His Risk Chief in Leadership Overhaul

Bloomberg logoBloomberg 9/30/2020 Stefania Spezzati
a tall building: The Barclays Plc office headquarters office building stands in the Canary Wharf business, financial and shopping district of London, U.K., on Friday, Sept. 18, 2020. After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. © Bloomberg The Barclays Plc office headquarters office building stands in the Canary Wharf business, financial and shopping district of London, U.K., on Friday, Sept. 18, 2020. After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings.

(Bloomberg) -- Barclays Plc promoted C.S. Venkatakrishnan to be the bank’s global head of markets in a sweeping overhaul of its senior ranks.

He replaces Stephen Dainton, who becomes deputy head of markets, according to an internal memo Wednesday.

Venkatakrishnan, who goes by Venkat and currently serves as chief risk officer, will also be co-president of Barclays Bank Plc, a unit that includes the London-based lender’s investment bank. Paul Compton’s title changes to co-president of this business, but he will also become global head of banking.

“I have asked Paul and Venkat to look particularly at how we bring the corporate bank, banking, and markets businesses even closer together,” Chief Executive Officer Jes Staley said. All three men are former JPMorgan Chase & Co. bankers.

The move puts two of Staley’s lieutenants in the spotlight at a time when analysts and investors are speculating about who will be the CEO’s successor. In July, Bloomberg News reported that an executive search firm had been tapped to reach out to potential candidates as part of a long-term succession plan. While Barclays said there was no search underway, people with knowledge of the matter have said Staley, who became CEO in December 2015, could leave the bank as soon as next year.

The reshuffle is “designed to develop what is an already exceptional senior leadership team for this bank,” Staley said in his memo.

Read More: Barclays Reaches Out to Potential CEO Candidates

It’s also the second revamp at the corporate and investment bank in less than two years. Dainton was named head of global markets, reporting to Staley, following the abrupt departure of Tim Throsby in March 2019. Like traders at other global banks, Dainton’s team beat estimates in the first half of the year after taking advantage of extraordinary, pandemic-driven volatility in the markets.

In a recent speech in New York, Staley has said that volatility fell “quite significantly” in the third quarter, and that revenue at the corporate and investment bank might see a “moderation” compared to the first half of the year.

More Changes

In other changes, Joe McGrath moves from global head of banking to chairman of investment banking, with continued responsibility for allocating risk-weighted assets for the banking business.

Taalib Shaah, currently chief risk officer for Barclays International, replaces Venkat as group chief risk officer. Compliance head Laura Padovani will report to Staley directly instead of to the risk office.

All those with new roles will sit on the bank’s executive committee, Barclays said. The changes take effect from Oct. 5, subject to regulatory approval where needed.

(Adds succession planning in fifth paragraph.)

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