Punit Paranjpe/Agence France-Presse — Getty ImagesRich Ricci is head of Barclays’ investment banking unit.
LONDON – Rich Ricci, the head of corporate and investment banking at Barclays, is stepping down.
Mr. Ricci was a top lieutenant to Robert E. Diamond Jr., the former chief executive who left the bank in the aftermath of a rate-rigging scandal. Mr. Ricci had long been expected to depart after his name surfaced in the inquiry into the bank’s role in the manipulation of the London interbank offered rate, or Libor.
The move comes as part of major shake-up in the top management of Barclays, which reached a $450 million settlement last year with American and British regulators over the manipulation of key benchmark interest rates.
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Regulatory filings this year showed that Mr. Ricci had cashed in $26 million of deferred shares. He was awarded the shares — some 5.7 million — as part of his bonus from 2009 to 2011.
Mr. Ricci, who is leaving on June 30, will receive up to one year’s salary as part of his retirement package, according to a statement from the bank. His salary for 2012 was not disclosed by Barclays, though analysts said he was probably one of the bank’s top earners last year.
The bank’s new chief executive, Antony P. Jenkins, announced major changes to the bank’s structure earlier this year, and gave faint praise to Mr. Ricci.
In February, Mr. Jenkins declined to comment specifically on the position of Mr. Ricci, but added: “No one can predict the future, but I am confident in the team around me. Who knows what could happen in a year’s time?”
Eric Bommensath, currently head of markets at Barclays, and Tom King, chief of the firm’s investment banking division, will become co-chief executives of the corporate and investment banking division on May 1, and they will join the bank’s executive committee.
Skip McGee, a former Lehman Brothers banker who was named head of Barclays’ corporate and investment banking in the Americas last year, has been appointed chief executive of Barclays Americas as of May 1.
Barclays also announced that Tom Kalaris, head of its wealth and investment management division and executive chairman of Barlcays in the Americas, would retire on June 30. Peter Horrell, the head of the bank’s intermediaries, international and direct businesses, will take over as interim chief executive of the wealth and investment management unit.
Article source: http://dealbook.nytimes.com/2013/04/18/barclays-investment-chief-rich-ricci-to-step-down/?partner=rss&emc=rss