Barclays CEO Venkat to go through cancer treatment, diagnosis ‘outstanding’

Barclays CEO Venkat to undergo cancer treatment, prognosis 'excellent'

Revealed: The Secrets our Clients Used to Earn $3 Billion

An indication hangs above an entryway to a branch of Barclays Plc bank in the City of London, U.K.

Bloomberg|Bloomberg|Getty Images

Barclays PLC stated on Monday that Chief Executive C.S. Venkatakrishnan would go through treatment for non-Hodgkin lymphoma, a kind of cancer, including that the condition is treatable which he would keep working when possible.

The CEO, understood inside the British bank as Venkat, stated in a regulative filing that medical professionals have stated his diagnosis is “excellent”, with the treatment in New York anticipated to last 12 to 16 weeks.

Barclays has actually not designated an interim president, with Venkat and the lending institution’s executive committee anticipated to continue running the business, stated a representative for the bank.

“During this period, the company will run normally, and I will continue to be actively engaged in managing it,” Venkatakrishnan stated in the filing.

Non-Hodgkin lymphoma is a cancer that establishes in the lymphatic system, compromising the body immune system, however many cases are thought about “very treatable” according to info on the site of Britain’s National Health Service.

Venkat, who is a U.S. resident, might need to cut down on public engagements, such as a scheduled look at the World Economic Forum conferences in Davos next January, according to Barclays’ representative.

A previous JPMorgan lender, Venkatakrishnan has actually sustained a challenging very first year in charge of Barclays because taking over from Jes Staley last November.

Barclays’ strong financial investment banking results in the middle of unstable markets have actually been eclipsed by an administrative oversight that saw it offer more securities in the United States than it was allowed to, resulting in regulative charges and substantial losses.

Venkatakrishnan, who supervise danger at the bank prior to handling the leading task, has actually called the mistake “preventable” and looked for to assure financiers that financial investments in much better controls suggest a repeat will not occur.

Last month the bank beat experts’ expectations with a little increase in 3rd quarter revenue, however deals with a hard financial outlook in its house market as the British economy diminishes and inflation increases.

Barclays shares were up 0.5% on Monday, versus a more comprehensive FTSE 100 index down 0.5%.