Barclays investment banking boss Rich Ricci steps down

Barclays said its investment banking boss Rich Ricci will this month retire from the UK bank.

His departure ends months of speculation that he would be ousted by new Chief Executive Antony Jenkins as part of a clampdown on executive pay.

Ricci, who is one of the highest paid bankers at Barclays, was rumoured to go after Jenkins failed to publicly back him when he unveiled a new strategy in February.

Speculation intensified after Ricci sold shares worth more than £17m last month straight after receiving them as part of previous deferred bonuses or long-term awards.

Tom Kalaris, head of Barclays' wealth management business, will also step down.

Ricci and Kalaris were considered key member of staff under Bob Diamond, the former Chief Executive who left after a LIBOR interest rate rigging scandal last year.

Ricci joined Barclays in 1994 before becoming co-head of investment banking in 2009 and sole head of corporate and investment banking (CIB) last June. He will leave as CIB boss at the end of this month and retire from Barclays at the end of June.

Kalaris will also leave end of June.

Eric Bommensath and Tom King will become Co-Chief Executives of corporate and investment banking from May 1st.

RD