What’s in a name? Barclays has a knack for nomenclature
There’s been a reshuffle on the boards of private wealth management consultancies this week. Head of strategy at RBC George King IV (not to be confused with British monarch King George IV) has moved to MASECO as a director. This particular King comes with some major financial credentials – he’s done stints at Barclays, Credit Suisse and Alliance Bernstein both in the UK and US.
Barclays does seem to have a habit of collecting senior staff with gaudy names. There was a certain scientific inevitability about the news that Rich Ricci, formerly of Barclays Capital, pocketed a pay and perks bonus package worth around £44m at the end of 2010. Ricci himself is also a fan of nominative determinism (that is, the phenomenon of being given a matching name and personality or job). He has a collection of around 40 racehorses called, among others, Fatcatinthehat.
Let’s not forget Bob Diamond either, who now runs Atlas Mara after being ousted from his chief executive role at Barclays in 2012. Diamond himself received a £6.5m bonus in the same year as Ricci.
Barclays isn’t the only place you’ll find these gems. Sir Fred Goodwin, the former RBS boss, negotiated a £16m pension before leaving the sinking ship. A good win indeed for him.