Top Barclays Bonus Banker Rich Ricci Departs

Barclays has announced that its controversial investment banking boss, Rich Ricci, is to step down this month and retire from the UK bank in June.

The move followed months of speculation that he would leave after the arrival of new Chief Executive Antony Jenkins and outrage last month over a giant share payout.

Mr Ricci - a key lieutenant of former CEO Bob Diamond who quit amid the Libor rate-rigging scandal - was awarded £17m of shares as part of a £40m windfall among nine top executives at the bank.

The awards stoked the continuing row over bankers' pay though Barclays argued they were linked to previous pay policies as part of deferred long-term incentive plans.

Barclays confirmed that Tom Kalaris, head of the bank's wealth management business, would also leave the bank on June 30.

Eric Bommensath and Tom King would become co-chief executives of corporate and investment banking from May 1, Barclays said.

The shake-up represents a further departure from the past as Mr Jenkins aims to make Barclays the 'go to' lender following several scandals to shake the industry following the financial crisis.

Barclays settled with UK and US regulators last June over its traders' manipulation of the interbank borrowing rate while it has also set aside £3.5bn to settle claims relating to Payment Protection Insurance and interest rate swap mis-selling.

Commenting on Mr Ricci's pending departure Mr Jenkins said today: "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... We wish him well for his retirement."

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