CS Venkatakrishnan

I informed my colleagues and others this morning that I have been diagnosed with Non-Hodgkin Lymphoma. The good news is that the matter has been detected early, doctors have advised that my prognosis is excellent, and my condition is curable with their prescribed regimen. This is likely to last 12 to 16 weeks. During this period, the company will run normally, and I will continue to be actively engaged in managing it. However, I will have to work from home for some periods and not be able to travel. Fortunately, I have always exercised regularly and am strong and fit as I commence this treatment. The Board has been kept apprised and I am enormously grateful for their support and that of my highly capable and seasoned Executive Committee. To any who are also diagnosed with any form of cancer, and to their families: wherever you are, you are in my thoughts and prayers.
 
Here are some links to organizations that are doing some great research and provide support in the fight against cancer:
 
The Leukemia and Lymphoma Society: https://www.lls.org/

Cancer Research UK: https://lnkd.in/e9CkugHw

Indian Cancer Society: https://lnkd.in/ef8Ay8Gm

I am pleased to inform you that I have completed the treatment for Non-Hodgkin Lymphoma that I commenced last November. I am now in remission (no evidence of disease). Over the coming weeks, I plan to be working more from the office, and ultimately resuming travel.
 
I am very grateful for the care I have received, using the Memorial Sloan Kettering Cancer Center’s program available to all US employees. Equally, I wish to thank you for your thoughts, prayers, and kind notes.
 
As always, I encourage you to pay close attention to your physical and mental wellbeing. To my colleagues, if you or eligible members of your family have been diagnosed with cancer, please do make use of the support we provide worldwide.

Today we announced our results for the third quarter of 2024. Our results demonstrate that we are on track in delivering on the financial targets we set out in February. 
 
I shared three key messages when speaking with investors, media and colleagues today:
 
1. This quarter is another step in achieving our goal to be a better run and more consistently performing organisation. 
2. We remain focused on the disciplined execution of our three-year plan.
3. Our acquisition of Tesco Bank is on track to complete on 1 November. It is a strong signal of our commitment and confidence in our UK home market.
 
Thank you to my colleagues for their hard work and dedication.

This Q1 performance demonstrates our resilience and broad-based income momentum. We are seeing the results of investing in high quality income growth in all three businesses, and the strength of our deposit franchise. I am pleased the Corporate and Investment Bank had such a strong quarterly income performance. 10% RoTE is the floor of our Group returns ambition in 2023. #BarclaysResults

Last week, I visited Madrid and Frankfurt to spend time with clients and colleagues from across Europe. It is also Barclays’ 50th anniversary in Spain, and it was wonderful to celebrate this milestone. Thank you to our European colleagues for your ongoing dedication.

It was a pleasure to recap our investor update at the Morgan Stanley’s Annual European Financials Conference yesterday. We stressed our targets to deliver a greater than 12% RoTE by 2026, and return at least £10bn of capital to shareholders over 2024-2026. We also discussed our plans to invest £30bn in RWAs in our high-returning UK consumer and corporate businesses, as well as private banking and wealth businesses. This includes the acquisition of Tesco Bank: https://lnkd.in/d7audzvT

After a morning of talking to journalists and analysts about our half year results, I caught up with my colleagues in person - and online for those outside London - for a Q&A session. It’s always great to get a clear sense of what is top of mind for my colleagues. The main thrust of the questions covered the economic outlook, support for customers through cost of living pressures, how we intend to invest to stay ahead of competitor digital banks, and whether we intend to step back from our climate commitments as gas and oil prices rise (the answer is no). We also dealt frankly with the focus on controls and governance.
 
I always enjoy these open and honest conversations – it’s a great opportunity for me to take the pulse of the organisation, and give some clear views on our performance.