BARCLAYS’ investment boss Rich Ricci yesterday retired as his job was scrapped in a shake up by new chief executive Antony Jenkins.
Ricci, a close ally of ex-chief Bob Diamond, often acted as a focal point for criticism of bankers as he regularly received bonuses of tens of millions of pounds.
He came to be associated with a flashy style of banking that is no longer in favour under Jenkins’ rule, and his departure marks the end of an era at the lender.
Jenkins had previously expressed support for Ricci but has now scrapped the job, promoting markets chief Eric Bommensath and investment banking head Tom King to the executive committee.
Analysts said Ricci’s exit illustrates a major part of the change in Barclays’ culture and business activity in recent months.
“This is part of the existing transition to a lower compensation environment,” said Investec’s Ian Gordon. “Ricci is associated with the rapid development of Barclays Capital and the outlook remains the same – even three years from now we expect BarCap will contribute half of group earnings. The only change is that will be off a lower cost base with lower compensation.”
He leaves on 30 June with £700,000 as one year pay covering his notice period.