Two of the largest banks in Europe have had to make abrupt pivots at the CEO position this year. Each has chosen to pass the baton to their former chief risk officer.
When Barclays CEO Jes Staley stepped down Monday after learning of preliminary conclusions reached by British financial regulators investigating the extent of his relationship with convicted sex offender Jeffrey Epstein, the bank picked C.S. Venkatakrishnan to assume the group chief executive role (pending regulatory approval). Despite Barclays’s board expressing disappointment regarding Staley’s departure, the bank noted it was prepared to make the move, having identified Venkatakrishnan as its ideal candidate more than a year ago.
