CNBC International Live · Oct 22, 2026
With C.S. "Venkat" Venkatakrishnan, CEO of Barclays
Barclays returned £10.7 billion to shareholders this year, £700 million more than it promised. Loans grew 7% at both its UK corporate bank and its retail bank, against a 4% market average. Pressed on CNBC International Live over whether a "more balanced bank" means Barclays is quietly retreating from investment banking while rival banks post blowout results, C.S. Venkatakrishnan — Barclays' chief executive, who goes by Venkat — rejected the framing. He pointed instead to the risk he says actually deserves scrutiny: private credit tied to AI.
"I've always said credit is credit is credit." — C.S. Venkatakrishnan
Venkat is the one who put a number on that risk himself rather than deflect it — £300 million of Barclays' £15 billion private-credit exposure, a figure he says is already fully disclosed in the bank's own earnings.
The full segment is covered here so you can skip it.
Here are the 3 takeaways that matter.
Key Takeaways
Barclays returned £10.7 billion to shareholders this year, £700 million above its own promise
Loan growth of 7% at both UK units beat the market's 4% average
Barclays' AI-linked private-credit exposure is £300 million of a £15 billion book — and already disclosed
He judges tech lending loan by loan, not as a sector: "credit is credit is credit"
Three forces are pushing global bond yields higher: debt-to-GDP, inflation and tech-sector issuance
He sees "no sign" yet of a disorderly move
Return on tangible equity has held at 12.4% over the last four quarters
He stayed diplomatic on a UK bank-tax hike, noting half of Barclays' business sits outside the UK
1. The Smaller-Bank Pushback
Venkat's defense of the "more balanced bank" push was mostly arithmetic: profitability up 13% year over year, and return on tangible equity holding at 12.4% over the last four quarters.
Capital returned to shareholders is already £700 million ahead of Barclays' promise
"Capital return... including dividends for this year is 10.7 billion pounds, 700 million pounds more than what we promised." — C.S. Venkatakrishnan
That's £10.7 billion returned this year. Loan growth of 7% at both the UK corporate bank and the retail bank also beat the broader market's 4% average — volume a bank genuinely retreating from investment banking would not need to post.
Volatility is helping the trading business now, not hurting it
"Credit conditions are still very, very good... this super investment cycle going on with technology." — C.S. Venkatakrishnan
He frames current market turbulence as a double-edged sword: good for banking today, given higher-for-longer interest rates and the AI-driven investment boom, but a longer-run risk he watches separately.
