Report: $9 thousand a month housing allowance for the head of Barclays Bank in London

British banking group Barclays PLC is offering its new chief executive CS Venkattakrishnan 6,550 pounds ($8,877) a month in housing allowance for nearly two years, to encourage the banker to move from New York to London after he was appointed to the position late last year, it is reported. The Sunday Times.

Bloomberg News reported that Venkatakrishnan took over as CEO of the group on November 1 after Jesse Staley resigned from the position amid a regulatory investigation into his relationship with the financier accused of sex crimes Jeffrey Epstein.

The Sunday Times reported that it is not clear where Venkatakrishnan is currently based, and that he is expected to move to London under his contract.

Barclays did not immediately respond to a request for comment about the report.

The report said that in addition to Venkatakrishnan's fixed annual salary of £2.7m, the housing allowance will be paid until October 2023, or until Venkatakrishnan's family members can move in.

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