Bank chief Rich Ricci to retire

Updated: 
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.


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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