Advertisement

Barclays investment banking boss Rich Ricci steps down

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

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?
UK Economy

Can Rishi Sunak save the economy with stamp duty cuts and half-price meal deals?

John Stepek runs his eye over the chancellor's £30bn stimulus package and asks if it's enough to get the economy back on its feet after months of lock…
9 Jul 2020
An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
What gold, bonds and tech stocks have in common
Stockmarkets

What gold, bonds and tech stocks have in common

"Risk off" or "safe haven" assets such as gold and government bonds have been doing well lately. But so have riskier tech stocks. That seems to defy c…
10 Jul 2020