Barclays Hires New Risk Chief
January 29 2016 - 12:46PM
Dow Jones News
By Max Colchester and Emily Glazer
Barclays PLC announced a management reshuffle Friday, replacing
long- serving chief risk officer Robert Le Blanc with J.P. Morgan
Chase & Co. executive C.S. Venkatakrishnan.
The U.K.-based lender said that Mr. Venkatakrishnan would be
joining from J.P. Morgan Chase in May. Mr. Le Blanc, who helped
steer the bank through the aftermath of the financial crisis, will
become Barclays's vice chair of risk and strategy.
The hire is the first major management change that Barclays
Chief Executive Jes Staley has made since taking on the job late
last year. Mr. Staley, who is also a J.P. Morgan alumnus, is
currently assessing the banks strategy amid lackluster returns.
Last week Barclays said it would cut over a 1,000 jobs across its
investment bank as it withdrew from several locations around the
world. The bank also plans a strategic retreat from Africa.
Mr. Staley is likely to make other new hires to freshen up the
bank's management team, analysts say. The bank may be in the market
for a new chief executive for its investment bank, should current
head Tom King step down next year, analysts have said.
Mr. Venkatakrishnan spent several years as head of operational
risk at J.P. Morgan.
"I am pleased to join Jes and his management team as they work
to deliver the performance Barclays' shareholders expect," he
said.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
January 29, 2016 12:31 ET (17:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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