Staley Barclays successor Venkat given £6,500 a month to move to London

The banker that was swooped in to lead Barclays after the lender’s former chief executive Jes Staley quit has been given £6,500 a month to cover the cost of moving to London for around two years.

CS Venkatakrishnan, known as Venkat in the City, was parachuted into Barclays after Staley left the British banking titan after preliminary findings of a probe into the way he characterised his relationship with sex offender Jeffrey Epstein were shared with Staley and the bank’s board.

Venkat, 55, has been mainly based in New York. However, creating an accommodation allowance suggests he will have to move to the capital if he wants to lead the bank.

The living cost funds come on top of Venkat’s £2.7m salary.

The news was first reported by The Sunday Times.

It is commonplace for City firms to make funds available for people coming in to take on a c-suite role. 

Barclays told The Sunday Times: “The terms of the contract recognise the requirements of running a global business and are in line with industry practice.”