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.

Travel
travel
News
Tim Vine has won the funniest joke award at the Edinburgh Festival 2014
peopleTim Vine, winner of the Funniest Joke of the Fringe award, has nigh-on 200 in his act. So how are they conceived?
Sport
sportBesiktas 0 Arsenal 0: Champions League qualifying first-leg match ends in stalemate in Istanbul
News
Jamie and Emily Pharro discovering their friend's prank
video
PROMOTED VIDEO
News
ebooksAn evocation of the conflict through the eyes of those who lived through it
Sport
Manchester United are believed to have made a £15m bid for Marcos Rojo
sportWinger Nani returns to Lisbon for a season-long loan as part of deal
News
news
News
i100
Arts and Entertainment
O'Toole as Cornelius Gallus in ‘Katherine of Alexandria’
filmSadly though, the Lawrence of Arabia star is not around to lend his own critique
Life and Style
fashion
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

Business Anaylst

£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...

Senior Project Manager

£60000 - £90000 per annum + Bonus: Harrington Starr: Global leading Energy Tra...

Associate CXL Consultant

£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...

Oil & Energy Business Anaylst

£45000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Harrington Sta...

Day In a Page

Ferguson: In the heartlands of America, a descent into madness

A descent into madness in America's heartlands

David Usborne arrived in Ferguson, Missouri to be greeted by a scene more redolent of Gaza and Afghanistan
BBC’s filming of raid at Sir Cliff’s home ‘may be result of corruption’

BBC faces corruption allegation over its Sir Cliff police raid coverage

Reporter’s relationship with police under scrutiny as DG is summoned by MPs to explain extensive live broadcast of swoop on singer’s home
Lauded therapist Harley Mille still in limbo as battle to stay in Britain drags on

Lauded therapist still in limbo as battle to stay in Britain drags on

Australian Harley Miller is as frustrated by court delays as she is with the idiosyncrasies of immigration law
Lewis Fry Richardson's weather forecasts changed the world. But could his predictions of war do the same?

Lewis Fry Richardson's weather forecasts changed the world...

But could his predictions of war do the same?
Kate Bush asks fans not to take photos at her London gigs: 'I want to have contact with the audience, not iPhones'

'I want to have contact with the audience, not iPhones'

Kate Bush asks fans not to take photos at her London gigs
Under-35s have rated gardening in their top five favourite leisure activities, but why?

Young at hort

Under-35s have rated gardening in their top five favourite leisure activities. But why are so many people are swapping sweaty clubs for leafy shrubs?
Tim Vine, winner of the Funniest Joke of the Fringe award: 'making a quip as funny as possible is an art'

Beyond a joke

Tim Vine, winner of the Funniest Joke of the Fringe award, has nigh-on 200 in his act. So how are they conceived?
The late Peter O'Toole shines in 'Katherine of Alexandria' despite illness

The late Peter O'Toole shines in 'Katherine of Alexandria' despite illness

Sadly though, the Lawrence of Arabia star is not around to lend his own critique
Wicken Fen in Cambridgeshire: The joy of camping in a wetland nature reserve and sleeping under the stars

A wild night out

Wicken Fen in Cambridgeshire offers a rare chance to camp in a wetland nature reserve
Comic Sans for Cancer exhibition: It’s the font that’s openly ridiculed for its jaunty style, but figures of fun have their fans

Comic Sans for Cancer exhibition

It’s the font that’s openly ridiculed for its jaunty style, but figures of fun have their fans
Besiktas vs Arsenal: Five things we learnt from the Champions League first-leg tie

Besiktas vs Arsenal

Five things we learnt from the Champions League first-leg tie
Rory McIlroy a smash hit on the US talk show circuit

Rory McIlroy a smash hit on the US talk show circuit

As the Northern Irishman prepares for the Barclays, he finds time to appear on TV in the States, where he’s now such a global superstar that he needs no introduction
Boy racer Max Verstappen stays relaxed over step up to Formula One

Boy racer Max Verstappen stays relaxed over step up to F1

The 16-year-old will become the sport’s youngest-ever driver when he makes his debut for Toro Rosso next season
Fear brings the enemies of Isis together at last

Fear brings the enemies of Isis together at last

But belated attempts to unite will be to no avail if the Sunni caliphate remains strong in Syria, says Patrick Cockburn
Charlie Gilmour: 'I wondered if I would end up killing myself in jail'

Charlie Gilmour: 'I wondered if I'd end up killing myself in jail'

Following last week's report on prison suicides, the former inmate asks how much progress we have made in the 50 years since the abolition of capital punishment