Rich Ricci, Barclays head of corporate and investment banking, is to step down as part of a bank reshuffle. Here's the FT:
The moves reflect efforts by Antony Jenkins, the new chief executive, to reshape the bank. Mr Ricci was closely associated with former Barclays boss Bob Diamond.
The bank posted a statement on its website:
Given the importance of Corporate and Investment Banking, I want to de-layer the organisation –creating a closer day-to-day relationship and clearer line of sight for myself into the business. We will organise our activity into more clearly delineated client-focused product sets, consistent with the growth strategy we unveiled for the Investment Bank on 12 February.
In Tom and Eric we have two superb leaders for CIB, and I am looking forward to working with them to build the ‘Go-To’ Investment Bank from our already world-leading position.
Mr Horrell will not join the Barclays Executive Committee in this role
This decision does mean that Rich Ricci will retire from the bank on 30 June. 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. I want to particularly commend the work he led most recently on Project Mango, which in turn valuably informed the Transform Programme. We wish him well for his retirement.