(Bloomberg) — Barclays Plc is offering its chief executive officer C.S. Venkatakrishnan 6,550 pounds ($8,877) 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.
Venkatakrishnan took over as CEO on Nov. 1 after former CEO 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 Venkatakrishnan is currently based and that he’s expected to shift to London as per his contract.
“The terms of the contract recognize the requirements of running a global business and are in line with industry practice,” a Barclays spokesperson said in an e-mailed response to the story.
The allowance, which is in addition to Venkatakrishnan’s fixed annual pay of 2.7 million pounds, will be paid to the accommodation provider until October 2023, or until his family members are able to relocate, the report said.
(Updates with Barclays statement in fourth paragraph)
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