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.

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

Recommended

Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021