Barclays Plc has promoted C.S. Venkatakrishnan to global head of markets in a sweeping overhaul of its senior ranks.

Venkatakrishnan, currently chief risk officer, will also serve as co-president of Barclays Bank Plc, a unit that includes the investment bank. Paul Compton will become co-president of this business, as well as global head of banking, according to an internal memo Wednesday. Stephen Dainton, who is currently global head of markets, becomes deputy head of markets.

“I have asked Paul and Venkat to look particularly at how we bring the corporate bank, banking, and markets businesses even closer together,” Chief Executive Officer Jes Staley said.

In other changes, Joe McGrath moves from global head of banking to chairman of investment banking, with continued responsibility for allocating risk-weighted assets for the banking business.

Taalib Shaah, currently chief risk officer for Barclays International, replaces Venkatakrishnan, who goes by Venkat, as chief risk officer. Compliance head Laura Padovani will report to Staley, instead of the risk office.

All those with new roles will sit on the bank’s executive committee, Barclays said. The changes take effect from Oct. 5, subject to regulatory approval where needed.