Barclays has named C.S. Venkatakrishnan as its new group chief executive.

Venkatakrishnan served as head of global markets and co-president of Barclays Bank plc from October 2020 and group chief risk officer from 2016 to 2020. He previously worked at JP Morgan Chase, holding senior roles in asset management, global fixed income, investment banking and risk.

Venkatakrishnan takes over from Jes Staley, who has stepped down following an investigation by the Financial Conduct Authority and the Prudential Regulation Authority into how Staley described his relationship with Jeffrey Epstein.

Barclays said in a statement: “In view of those conclusions, and Mr Staley’s intention to contest them, the board and Mr Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays.

“It should be noted that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.”