Barclays investment chief Rich Ricci stands down

Ricci, 49, who was right-hand man to disgraced former chief executive Bob Diamond, will walk away with a year’s salary when he stands down on 30 June. Ricci’s pay is not revealed as he is not an executive director, but in 2010 he collected £44m in pay and bonuses.

Tom Kalaris, head of Barclays’ wealth management business and another Diamond ally, has also “decided to retire” and will leave on the same day. Both men will step down from the bank’s executive committee at the end of the month.

Eric Bommensath and Tom King are to take over as co-chief executives of Barclays’ corporate and investment banking from 1 May, the bank said.

Antony Jenkins, current chief executive, who has vowed to instil a new culture in the scandal-ridden bank, said he wanted a “clearer line of sight for myself” over Barclays’ investment banking business.

“Since I became group chief executive, a major area of focus for me has been to streamline and improve how the bank is managed, while strengthening control,” he said in a statement.

“Today’s changes are the next step in that journey, and they will ensure we have the right senior team in place.”

Ian Gordon, an analyst at Investec, told Bloomberg: “The market will see this as an inevitable and appropriate piece of transitioning. Few tears will be shed and the reshuffle will be broadly welcomed.”

Jenkins has promised to ring the changes, after the bank was fined £290m last year for its role in the Libor-rigging scandal. Critics questioned whether the bank was really changing when Ricci, who owns a racehorses – one named ‘Fat cat in a hat’ – was awarded £17.6m worth of shares last month, in an announcement made on budget day.

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