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.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

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.

Advertisement
Advertisement - Article continues below

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

Recommended

Visit/investments/investment-strategy/600861/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
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
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
Visit/investments/stockmarkets/600634/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
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/stockmarkets/601030/markets-are-starting-to-realise-just-how-bad-the-coronavirus-crisis
Stockmarkets

Markets are starting to realise just how bad the coronavirus crisis will be

As governments around the world throw everything including the kitchen sink in the fight against coronavirus, markets are reaching the “moment of maxi…
23 Mar 2020
Visit/investments/stockmarkets/601028/stockmarket-crash-more-to-come
Stockmarkets

Stockmarket crash: more to come

The stockmarket crash was hard and sudden – and it might not be over yet. But while the short term outlook is awful, says Merryn Somerset Webb, that d…
23 Mar 2020
Visit/economy/601027/money-minute-monday-23-march-will-whatever-it-takes-be-enough
Economy

Money Minute Monday 23 March: will “whatever it takes” be enough?

As we start to see the damage that the shutdown is doing, Money Minute looks at central bank measures to counter it.
23 Mar 2020
Visit/investments/commodities/600729/the-rare-earth-metal-that-wont-be-a-secret-for-long
Sponsored

The rare earth metal that won't be a secret for long

SPONSORED CONTENT – You can’t keep a good thing hidden forever; now is the time to consider Pensana Rare Earths and the rare earth metals NdPr.
31 Jan 2020