Barclays CEO says doctors 'very optimistic' as cancer detected early

Follow us on Google News:
 Barclays CEO says doctors 'very optimistic' as cancer detected early
Image source: ©2022 Kalkine Media®

(Adds details)

By Lawrence White and Iain Withers

LONDON, Nov 29 (Reuters) - Barclays Chief Executive C.S. Venkatakrishnan said on Tuesday that his cancer was detected early and is "very localised", meaning that doctors are very optimistic about treating it.

The British bank said on Monday that Venkatakrishnan would undergo treatment in New York for non-Hodgkin lymphoma. Barclays has not appointed an interim replacement and said the CEO will stay involved with running it where treatment allows.

"While nobody likes to hear this diagnosis, it is all too common. At a personal level it's going to be 12-16 weeks of treatment, and it won’t be a picnic in the park," Venkatakrishnan told an online Financial Times event.

Former JP Morgan banker Venkatakrishnan has endured a turbulent first year in charge of Barclays, which has had to pay out hundreds of millions of dollars in penalties after it sold more securities than allowed in the United States.

Its investment bank, from which the error originated, "may shrink relative to the rest of Barclays," due to putting more resources into other businesses, Venkatakrishnan told the conference, although he remains committed to the business.

The resources poured into the investment bank as against the more staid retail and commercial banking units has split Barclays investors recently, with one activist unsuccessfully pushing for the investment bank to be pared back.

Venkatakrishnan's predecessor Jes Staley vigorously defended the investment bank, which has delivered strong returns in recent quarters on the back of bumper fixed income trading.

Errors like the U.S. securities over-issuance, however, have bolstered the arguments of critics who say the investment banking business is too volatile and unpredictable to sit comfortably alongside the other parts of the business. (Reporting by Lawrence White and Iain Withers; editing by David Evans and Alexander Smith)


The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles