Barclays CEO gets $11,900 a month housing allowance for London move

Mr C.S. Venkatakrishnan took over as Barclays CEO on Nov 1 after former head Jes Staley stepped down. PHOTO: REUTERS

LONDON (BLOOMBERG) - Barclays is offering its chief executive officer C.S. Venkatakrishnan £6,550 (S$11,900) a month in housing allowance for almost two years to encourage the banker to shift from New York to London after his appointment late last year, according to the Sunday Times.

Mr Venkatakrishnan took over as CEO on Nov 1 after former head Jes Staley stepped down amid a regulatory probe into his relationship with the financier and sex offender Jeffrey Epstein.

The Sunday Times said it's not clear where Mr Venkatakrishnan is currently based and that he's expected to shift to London as per his contract.

Barclays didn't immediately respond to a request for comment on the report.

The housing allowance, which is in addition to Mr Venkatakrishnan's fixed annual pay of £2.7 million, will be paid to the accommodation provider until October 2023, or until his family members are able to relocate, the report said.

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