Indian-origin takes over as the head of Barclays


Another Indian-origin has taken over the reins of a major multinational company.

C.S. Venkatakrishnan, head of global markets for Barclays, has been appointed the bank’s chief executive, following the resignation of Jes Staley after a report by UK regulators explored links with late financier and sex offender Jeffrey Epstein.

Born in Mysuru, Karnataka, Venkatakrishnan went to the United States for higher education and completed Bachelor of Science, Master of Science and Ph.D degrees from the Massachusetts Institute of Technology.

While Venkatakrishnan takes over at Barclays following a significant scandal, the bank said succession planning has been in place for some time, and that he had been identified as the preferred candidate more than a year ago.

Venkatakrishnan and Staley were colleagues at J.P. Morgan, and had served early warning that the bank faced up to $6.3 billion of losses from dubious trades—which later became known after a trader called the “London Whale” cost the group at least $6.2 billion. After Staley left J.P. Morgan, he hired several of his former colleagues including Venkatakrishnan, Quartz reported.

“On appointment, Venkat will receive fixed pay of £2.7million, delivered 50 percent in cash (paid monthly) and 50 percent in Barclays shares. Venkat will also receive a cash payment in lieu of pension of £135,000 per annum,” Barclays said.

At the bank, he leads initiatives that promote women and a more multi-cultural workplace. He is the first person of color to be given the top position at Barclays.