India-born CS Venkatakrishnan becomes CEO of Barclays, to get paid $3.69 million

Mysore-born CS Venkatakrishnan has replaced Jes Staley as Barclays CEO after the latter stepped down on Monday. Jes Staley stepped down from Barclays, which is Britain's third-biggest bank by market value, after a probe into his relationship with financier and sex offender Jeffrey Epstein.

CS Venkatakrishnan was the former Barclays global head of markets and chief risk officer. Better known as 'Venkat', he studied at Massachusetts Institute of Technology, where he got a PhD in operations research, after which he joined JPMorgan Chase in 1994.

He will be on a higher base salary than his predecessor and will receive £2.7 million ($3.69 million) in fixed pay – half in cash and half in shares. This amount is more than Staley's 2.4 million pounds a year, it's still a cut from Venkat's - undisclosed - fixed pay as head of global markets, Barclays' board said.

Venkat will be eligible for a bonus up to a maximum of 93 per cent of his fixed pay and long-term incentives up to 140 per cent of fixed pay per year and a cash payment instead of a pension of £135,000 a year.

Throughout his more than two decades at JPMorgan, he held senior positions across its asset management business, investment bank and in risk management division.

Venkatakrishnan joined Barclays as chief risk officer and initiated a comprehensive review of the bank's exposure to bad credit card debt. The review led to Barclays taking a £320 million impairment charge after Venkatakrishnan urged the bank to adopt a more conservative approach to predicting how much of its credit card book would not be paid.

Venkat worked at JPMorgan Chase from 1994, holding senior roles in asset management where he was chief investment officer for nearly $200 billion in global fixed income and investment banking and risk.

He is the executive sponsor for Embrace, the global multi-cultural network at Barclays, the bank said in its stock exchange announcement on Monday.

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