Barclays chief to undergo treatment for cancer

Barclays has actually revealed that its president, CS Venkatakrishnan, has actually been detected with non-Hodgkin lymphoma and will be going through treatment for the next 12 to 16 weeks.

In a letter to personnel on Monday, Venkatakrishnan composed: “The physicians have actually recommended that my diagnosis is exceptional, and my condition is treatable with their proposed program. This is most likely to last 12 to 16 weeks.” He will be dealt with at the Memorial Sloan Kettering Cancer Center in New York City.

He included: “Throughout this duration, the business will run generally, and I will continue to be actively taken part in handling it. Nevertheless, I will need to work from house for some durations and not have the ability to take a trip.”

The next most senior executives at the loan provider are Paul Compton – head of the financial investment bank, who signed up with Barclays in 2016 along with Venkatakrishnan from JPMorgan Chase – and fund director Anna Cross, who rests on the board. Barclays’ chair is seasoned Rothschild lender Nigel Higgins.

Other prominent executives have actually gone through effective treatment for cancer while in their functions, most significantly Venkatakrishnan’s previous employer Jamie Dimon. The JPMorgan chief recuperated from throat cancer in 2014 and after that had emergency situation heart surgical treatment in 2020. Lloyd Blankfein continued to run Goldman Sachs while having chemotherapy for lymphoma in 2015.

Venkatakrishnan, “Venkat” as he is understood, took over from Jes Staley in November in 2015 after his predecessor was required to step down amidst a UK regulative probe into his previous relationship with Jeffery Epstein. Staley is appealing versus the choice.

Venkatakrishnan’s very first year in charge has actually been rough, with Russia’s intrusion of Ukraine triggering an energy crisis, and spiralling inflation integrating with the UK’s dreadful “mini” spending plan that hammered the gilts market.

Barclays likewise paid $361mn to settle charges that a clerical mistake led the UK bank to sell $17.7 bn of structured monetary items that it was not allowed to trade.

Nevertheless, the financial investment bank has actually carried out well in unpredictable markets, most just recently doubling its fixed-income trading earnings in the 3rd quarter. The questionable department had actually been the target of an activist project by Edward Bramson, who confessed defeat and offered out of the stock in 2015. The UK customer system has actually likewise taken advantage of increasing rate of interest.

Resolving his medical diagnosis, Venkatakrishnan stated that “the bright side is that the matter has actually been identified early, with scans and biopsies validating it to be extremely localised”. He included that he was “deeply pleased, and extremely happy, of your assistance and amazing efforts in these unpredictable times”.