Barclays boss CS Venkatakrishnan reveals cancer diagnosis, but banking giant’s CEO vows to keep working through treatment
- Venkatakrishnan said he has been diagnosed with non-Hodgkin lymphoma
- The condition has been caught early and his treatment will continue for 16 weeks
- He will continue to work during this period but may have to do so from home
Barclays CEO CS Venkatakrishnan has informed the banking giant’s board that he has been diagnosed with non-Hodgkin lymphoma.
The American banker, who is known as Venkat and took over from Jess Staley in November last year, assured colleagues in an open letter that his ‘prognosis is excellent’ and he is ‘doing well’ with treatment .
Venkatakrishnan said the cancer treatment is likely to last 12 to 16 weeks, during which he said the “company will run as normal” and the CEO vowed to “remain actively engaged in its management”.
He said that he may have to work from home for some time as he will not be able to travel.
CS Venkatakrishnan was named CEO of Barclays in November last year
Non-Hodgkin lymphoma is a cancer that develops in the lymphatic system, a network of vessels and glands spread throughout the body.
According to the NHS, more than 13,000 people are diagnosed with the disease each year in the UK.
Venkatakrishnan has weathered a tumultuous tenure since he took the reins, with Barclays hit by three historic scandals – a timeshare mis-selling debacle, the US bond-trading issue and Bank of England allegations that it ‘ Pension is ‘gambling of rules’.
Venkatakrishnan, who served as chief risk officer between 2016 and 2020, earlier this year denied Barclays had a culture problem, saying: ‘Very strong risk management and culture is important, as well as with regulators. There is also a harmonious relationship.
However, due to increase in interest rates, the bank has done very well during his tenure.
The lender made a pre-tax profit of £2 billion between July and September, up from £1.9 billion in the same period a year earlier and above the average analyst forecast of £1.8 billion compiled by the bank.
But since he took charge, Barclays shares have fallen by about 12.7 per cent.
Venkatakrishnan told colleagues: ‘The good news is that this case has been detected early, with scans and biopsies confirming that it is very localised.
‘I am being treated at Memorial Sloan Kettering Cancer Center in New York. The doctors have advised that my prognosis is excellent, and that my condition can be cured with the diet they have prescribed. This is likely to last for 12 to 16 weeks.
‘During this period, the company will run as normal, and I will be actively engaged in its management. However, I will have to work from home for the time being and will not be able to travel. Fortunately, I have always exercised regularly and I am strong and fit when I started this treatment.
‘The board has been made aware of my position and I am very grateful for their support.’
He added that Barclays has a ‘highly capable and experienced executive committee, supported by a talented senior management team’, and he is confident that the bank will ‘continue to serve well our clients and customers, and our shareholders. Will deliver strong operational performance for ‘.
He added: ‘I am deeply appreciative and very proud of your support and extraordinary efforts during this volatile time.’