Last of the old guard: Rich Ricci exits Barclays in management shake-up

 

Barclays today announced a major management shake-up which will see the departure of the racehorse-owning head of its investment bank Rich Ricci who collected a £17.6 million share bonus for last year which he cashed in almost immediately.

Ricci is the last of the old guard who helped to build BarCap into one of the world's biggest investment banks alongside former Barclays chief executive Bob Diamond and BarCap co-chief executive Jerry del Missier - both of whom quit after the Libor scandal.

Aged 49, Ricci was described last month by Labour MP John Mann as being "out of touch". He has made millions at the bank with a bumper pay year in 2010 netting him £40 million.

The head of wealth and investment management, Tom Kalaris, said to have made around £4 million a year, is also stepping down at the end of June.

In a sign that Barclays chief executive Antony Jenkins is wielding his power, both men will be paid up to one year's salary (£700,000 in Ricci's case and an undisclosed figure for Kalaris) for their notice period but will not get severance pay or be eligible for further bonuses. The bank also said existing bonuses tied in deferred shares could still be subject to clawbacks.

Jenkins said: "Given the importance of Corporate & Investment Banking, I want to de-layer the organisation - creating a closer day-to-day relationship and clearer line of sight for myself into the business. We will organise our activity into more clearly delineated client-focused product sets, consistent with the growth strategy we unveiled for the Investment Bank on February 12."

He has promoted the current head of markets, Eric Bommensath, and head of investment banking Tom King as co-chief executives of corporate and investment banking immediately.

Jenkins said: "This decision does mean that Rich Ricci will retire from the bank on June 30."

He has also created a new role of chief executive Barclays Americas which will be taken by Skip McGee from the start of next month.

This new post underlines the seriousness with which Jenkins is taking in cleaning up the whole culture of Barclays after the £290 million fine it was forced to pay by regulators on both sides of the Atlantic last summer for its role in rigging Libor.

Jenkins said that McGee would be "the primary public-facing executive in the Americas, he will also lead Barclays' regulatory engagement for the region." He added: "Skip will have geographic responsibility for our operations in that market, as well as for further enhancing our responsiveness to, and relationships with, the US regulators."

McGee was a former head of investment banking at Lehman Brothers before it went bust and the American business was taken over by Barclays in 2008.

Ricci owns 30 horses including one called Fatcatinthehat which ran at Cheltenham last month.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Mortgage Advisor - OTE £95,000

£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...

SThree: Trainee Recruitment Consultant

competitive: SThree: Are you passionate about sales?Do you have a keen interes...

Recruitment Genius: Loan Adviser - OTE £30,000

£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Day In a Page

Greece debt crisis: EU 'family' needs to forgive rather than punish an impoverished state

EU 'family' needs to forgive rather than punish an impoverished state

An outbreak of malaria in Greece four years ago helps us understand the crisis, says Robert Fisk
Gaza, a year on from Operation Protective Edge: The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas

Gaza, a year on from Operation Protective Edge

The traumatised kibbutz on Israel's front line, still recovering from last summer's war with Hamas
How to survive electrical storms: What are the chances of being hit by lightning?

Heavy weather

What are the chances of being hit by lightning?
World Bodypainting Festival 2015: Bizarre and brilliant photos celebrate 'the body as art'

World Bodypainting Festival 2015

Bizarre and brilliant photos celebrate 'the body as art'
alt-j: A private jet, a Mercury Prize and Latitude headliners

Don't call us nerds

Craig Mclean meets alt-j - the math-folk act who are flying high
How to find gold: The Californian badlands, digging out crevasses and sifting sludge

How to find gold

Steve Boggan finds himself in the Californian badlands, digging out crevasses and sifting sludge
Singing accents: From Herman's Hermits and David Bowie to Alesha Dixon

Not born in the USA

Lay off Alesha Dixon: songs sound better in US accents, even our national anthem
10 best balsamic vinegars

10 best balsamic vinegars

Drizzle it over salad, enjoy it with ciabatta, marinate vegetables, or use it to add depth to a sauce - this versatile staple is a cook's best friend
Wimbledon 2015: Brief glimpses of the old Venus but Williams sisters' epic wars belong to history

Brief glimpses of the old Venus but Williams sisters' epic wars belong to history

Serena dispatched her elder sister 6-4, 6-3 in eight minutes more than an hour
Greece says 'No': A night of huge celebrations in Athens as voters decisively back Tsipras and his anti-austerity stance in historic referendum

Greece referendum

Greeks say 'No' to austerity and plunge Europe into crisis
Ten years after the 7/7 terror attacks, is Britain an altered state?

7/7 bombings anniversary

Ten years after the terror attacks, is Britain an altered state?
Beautiful evening dresses are some of the loveliest Donatella has created

Versace haute couture review

Beautiful evening dresses are some of the loveliest Donatella has ever created
No hope and no jobs, so Gaza's young risk their lives, climb the fence and run for it

No hope and no jobs in Gaza

So the young risk their lives and run for it
Fashion apps: Retailers roll together shopping and social networking for mobile customers

Fashion apps

Retailers roll together shopping and social networking for mobile customers
The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy