Barclays CEO Venkat to bear most cancers therapy, prognosis ‘glorious’ By Reuters

By Lawrence White

LONDON (Reuters) -Barclays PLC mentioned on Monday that Chief Govt C.S. Venkatakrishnan would bear therapy for non-Hodgkin lymphoma, a kind of most cancers, including that the situation is treatable and that he would preserve working when potential.

The CEO, recognized contained in the British financial institution as Venkat, mentioned in a regulatory submitting that medical doctors have mentioned his prognosis is “glorious”, with the therapy in New York anticipated to final 12 to 16 weeks.

Barclays (LON:) has not appointed an interim chief govt, with Venkat and the lender’s govt committee anticipated to proceed operating the corporate, mentioned a spokesperson for the financial institution.

“Throughout this era, the corporate will run usually, and I’ll proceed to be actively engaged in managing it,” Venkatakrishnan mentioned within the submitting.

Non-Hodgkin lymphoma is a most cancers that develops within the lymphatic system, weakening the immune system, however most circumstances are thought of “very treatable” in response to info on the web site of Britain’s Nationwide Well being Service.

Venkat, who’s a U.S. citizen, could have to chop again on public engagements, similar to a scheduled look on the World Financial Discussion board conferences in Davos subsequent January, in response to Barclays’ spokesperson.

A former JPMorgan (NYSE:) banker, Venkatakrishnan has endured a tough first yr answerable for Barclays since taking on from Jes Staley final November.

Barclays’ robust funding banking outcomes amid risky markets have been overshadowed by an administrative blunder that noticed it promote extra securities in the US than it was permitted to, resulting in regulatory penalties and hefty losses.

Venkatakrishnan, who oversaw danger on the financial institution earlier than taking over the highest job, has known as the error “preventable” and sought to reassure buyers that investments in higher controls imply a repeat won’t occur.

Final month the financial institution beat analysts’ expectations with a small rise in third quarter revenue, however faces a tricky financial outlook in its dwelling market because the British economic system shrinks and inflation rises.

Barclays shares have been up 0.5% on Monday, towards a broader down 0.5%.