Barclays Adds New Risk Manager
01 February 2016 - 7:03PM
Dow Jones News
(FROM THE WALL STREET JOURNAL 2/1/16)
By Max Colchester and Emily Glazer
Barclays PLC unveiled a management shuffle, 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 join
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 chairman 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 also is a J.P. Morgan alumnus, is
assessing the bank's strategy amid lackluster returns. Last week,
Barclays said it would cut more than 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 if Tom King steps 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's shareholders expect," he
said.
Mr. Venkatakrishnan was associated with J.P. Morgan's roughly $6
billion trading loss known as the "London whale." As head of the
bank's model risk group, he defended a risk model that warned of a
giant loss at the bank related to the London whale that went
unheeded. That was later included in a Senate report from its
Permanent Subcommittee on Investigations. U.S. regulators dropped
their case against the London whale trader, Bruno Iksil, in
2015.
(END) Dow Jones Newswires
February 01, 2016 02:48 ET (07:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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