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Barclays CEO C.S. Venkatakrishnan reveals cancer diagnosis

CS Venkatakrishnan was appointed CEO of Barclays in November last year

Barclays boss CS Venkatakrishnan reveals cancer diagnosis, but banking giant’s CEO promises to keep working through treatment

  • Venkatakrishnan said he was diagnosed with non-Hodgkin’s lymphoma
  • The condition was caught early and he will be on treatment for up to 16 weeks
  • He will continue to work during this time but may need to do so from home

Barclays CEO CS Venkatakrishnan has told the banking giant’s board that he has been diagnosed with non-Hodgkin’s lymphoma.

The American banker, known as Venkat and who succeeded Jes Staley in November last year, assured colleagues in an open letter that his “prognosis is excellent” and that his “condition is curable” with a treatment.

Venkatakrishnan said cancer treatment is likely to last 12 to 16 weeks, during which time he said “the business will operate as normal” with the CEO pledging to “actively engage in its management”.

He added that he may have to work from home for some periods as he will not be able to travel.

CS Venkatakrishnan was appointed CEO of Barclays in November last year

CS Venkatakrishnan was appointed CEO of Barclays in November last year

Non-Hodgkin’s lymphoma is cancer that develops in the lymphatic system, a network of vessels and glands throughout the body.

In the UK, more than 13,000 people are diagnosed with the disease each year, according to the NHS.

Venkatakrishnan has endured a tumultuous tenure, with Barclays having been hit by three landmark scandals since he took the reins – a timeshare mis-selling debacle, the US bond trading problem and an accusation by the Bank of England that she “plays by the rules” on retreats.

After serving as chief risk officer between 2016 and 2020, Venkatakrishnan earlier this year denied that Barclays has a culture problem, saying: “Very strong risk management and culture is important, as well as a smooth relationship with regulators. .”

However, the bank has performed reasonably well during his tenure, helped by rising interest rates.

The lender made a pre-tax profit of £2bn between July and September, up from £1.9bn in the same period a year ago and above analysts’ average forecast of £1.8bn of pounds sterling compiled by the bank.

But Barclays shares have fallen around 12.7% since he took office.

Venkatakrishnan told his colleagues: “The good news is that the problem was caught early, with scans and biopsies confirming that it is very localized.”

“My treatment is at Memorial Sloan Kettering Cancer Center in New York. The doctors have reported that my prognosis is excellent and my condition is curable with their prescribed regimen. This should last 12-16 weeks.

“During this period, the business will operate as normal and I will continue to be actively involved in its management. However, I will have to work from home during certain periods and I will not be able to travel. Fortunately, I have always exercised regularly and I am strong and fit when I start this treatment.

“The board has been kept up to date on my situation and I am extremely grateful for their support.”

He added that Barclays has a “highly skilled and seasoned executive committee, supported by a talented management team”, and he is confident that the bank will continue “to serve our clients and customers well and deliver strong operational performance. for our shareholders.

He said: “I am deeply grateful and very proud of your extraordinary support and efforts during these volatile times.”

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