29th Jan 2016 17:28
LONDON (Alliance News) - Barclays PLC on Friday named CS Venkatakrishnan of JPMorgan Chase & Co as its new group chief risk officer, which will give him a place on the bank's executive committee.
Venkatakrishnan has been JP Morgan's head of model risk & development since 2012 and head of operational risk since September 2013.
The new risk boss will report directly to Jes Staley, his one-time colleague at JPMorgan, who became group chief executive in December. He will replace Robert Le Blanc, who will become vice chair of risk & strategy, also reporting to Staley.
"Mr Venkatakrishnan has a long and well-established track record of helping to prudently define and manage risk appetite in large complex financial institutions like ours. He has extensive experience in the development of regulatory capital models and with stress testing. His presence will further strengthen our core management team," Staley said.
"Robert has served as chief risk officer for 12 years, helping to navigate Barclays through unique challenges, including the 2008 crisis. I look forward to continuing to have his wise counsel in his new role," Staley added.
Venkatakrishnan said: "It's a privilege for me to join Barclays, an institution with a rich history of more than 300 years. For me, Barclays, with its strong core global businesses in retail and wholesale banking, represents an exciting professional opportunity."
Shares in Barclays closed up 4.3% at 186.00 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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