Barclays Investment Bank Boss Ricci to Leave
Rich Ricci, the boss of Barclays' investment bank, is leaving the British bank after months of speculation he would be ousted by new Chief Executive Antony Jenkins in a crackdown on excessive executive pay.
Tom Kalaris, head of Barclays' wealth management business, will also leave. Both Ricci and Kalaris were key lieutenants of Bob Diamond, the former chief executive who left after a Libor interest rate rigging scandal last summer.
Speculation intensified that Ricci, one of the highest paid bankers at Barclays, would go after the CEO failed to publicly back him when he unveiled a new strategy in February.
Barclays insisted that Ricci had the support of the bank, but scrutiny intensified after he sold shares worth more than 17 million pounds ($25.9 million) last month straight after receiving them as part of previous deferred bonuses or long-term awards.
Ricci's pay does not have to bed is closed as he is not on the board, but he has long been one of the highest paid people at Barclays. He was paid 10.6 million pounds and awarded shares worth another 17.3 million pounds for 2010 alone and owns a number of top racehorses based in Ireland. One horse is named Fatcatinthehat.
Ricci joined Barclays in 1994 and led its acquisition of Lehman Brothers in 2008, becoming co-head of investment banking in 2009 and sole head of corporate and investment banking (CIB) last June. Barclays said he will step down as CIB boss at the end of this month and retire from Barclays at the end of June.
Kalaris will also leave on June 30.
Barclays said Eric Bommensath and Tom King would become co-chief executives of corporate and investment banking from May 1.