Bank chief Rich Ricci to retire

Rich RicciBarclays investment banking chief Rich Ricci is retiring after a management shake-up just weeks after pocketing an £18 million shares windfall.

The flamboyant banker will leave at the end of June after 19 years at Barclays and will be replaced by co-heads Eric Bommensath and Tom King, who take on the roles next month.
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Mr Ricci will receive a year's salary after leaving, unless he gets a new job in the meantime, but Barclays declined to reveal his basic pay and his pension entitlements. He will also continue to be paid bonuses built up under the group's long-term incentive scheme before his retirement, but the exact amount will be decided by the board, according to Barclays.

Mr Ricci's pay deals have attracted controversy in recent years. It was revealed in an ill-timed Budget Day announcement that he landed £18 million from selling a 5.7 million tranche of shares given to him by the bank for previous annual bonuses and long-term incentive schemes, despite waiving a bonus for last year.

Barclays announced that the head of its wealth and investment arm, Tom Kalaris, will also retire on June 30 with up to a year's salary.

Chief executive Antony Jenkins said the investment banking overhaul would create "a closer day-to-day relationship and clearer line of sight for myself into the business".

Mr Jenkins said: "We are very grateful to Rich for his major contribution to Barclays over the past 19 years, during which time he has played a significant role in building our investment bank into the success it is today."

Mr Ricci was the most senior banker remaining from the "old guard" under former chief executive Bob Diamond, who quit in the wake of the bank's £290 million Libor rigging settlement.

There had been mounting speculation over his impending departure after Mr Jenkins refused to back Mr Ricci by name when asked on presenting 2012 results whether he had confidence in the investment banking boss.

Mr Jenkins praised Mr Ricci's help in his restructure and cultural overhaul, known as the Transform Programme, launched in the wake of the Libor scandal. Staff at the bank have been asked to sign up to a new code of conduct, while the restructure is costing at least 3,700 their jobs.

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Bank chief Rich Ricci to retire

They might think they're masters of the universe. We know they've dobbed the rest of us in it. After lending out recklessly, they are blamed for causing the financial crisis. Even after they had to be bailed out by taxpayers, they still give themselves obscene bonuses.

Have the power to enter your home and seize your possessions. Debt collectors are a form of bailiff-lite. They can 'only' write, phone or visit your home to talk about the debt. Don't bother bringing out the best china.

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An out-of-place figure on your tax return, or big fluctuation from year to year could be enough to prompt a dreaded tax inspection. Since 2009 HM Revenue and Customers have been able to check a wider range of payments than before. Previously they could only look at VAT and employer returns. Now they have the power to inspect income tax, capital gains, PAYE and corporation tax

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