Seen by many, particularly of the Occupy London ilk, as the very incarnation of capitalist greed, Ricci will clear his desk at Barclays at the end of June to be replaced by Eric Bommensath and Tom King who will separate the two roles. The new structure was announced by the bank on Thursday, part of a significant reshuffle of its top table.
The resignation of Ricci – who trousered an £18m bonus just last month – marks a milestone in new chief executive Antony Jenkins’ plans to clean up the bank’s image – Ricci was most senior remaining of former CEO Bob Diamond’s henchmen.
In a statement, Jenkins said: ‘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.’
As part of the reshuffle, the bank’s current head of wealth management, Tom Kalaris, is also retiring at the end of June, to have his shoes filled on a temporary basis by Peter Horrell.
Predictably, Ricci will pocket anything up to a year’s salary, and deferred compensation if it amounts to actual retirement – although apparently he will not get any severance pay.
This will not stop the talk that he has been eased out, though. It’s a resignation, but Jenkins is still talking about how his focus is ‘to streamline and improve how the bank is managed, while strengthening control.
‘Today's changes are the next step in that journey, and they will ensure we have the right senior team in place.’ Nonetheless, we’re not hurting for Ricci – all that bonus money should help cushion the blow a little bit, and he gets to spend some more time with his racehorses.