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Barclays Trading Boss Saw the London Whale Coming (Repeat)

  • Colleagues say Venkat internal front-runner to succeed Staley
  • Risk expert warned of huge losses from trade while at JPMorgan
Barclays Plc Headquarters As Chief Executive Officer-Designate Jes Staley Meets Staff

Photographer: Simon Dawson/Bloomberg

Updated on

(This story was originally published on Oct. 18. Today, Barclays announced Venkatakrishnan would become CEO immediately.)

As an example of why investment banks should listen to their risk managers, C.S. Venkatakrishnan’s experience at JPMorgan Chase & Co. is hard to top. Back in March 2012, just weeks into a senior risk job at the Wall Street giant, his team flagged the potential for $6.3 billion of losses from a murky derivatives trade in London.