Rich Ricci, currently chief executive of corporate and investment banking (CIB) at Barclays, has decided to retire on 30 June 2013.
He will step down from the bank’s executive committee on 30 April 2013.
Ricci’s (pictured) retirement is just one of a raft of changes to the senior management within corporate and investment banking, wealth and investment management, and Barclays’ business in the Americas which will streamline the leadership in these areas. They follow on from the elimination of the global retail and business banking layer in late 2012, and the integration plans in hand to bring together Barclays Africa and Absa in 2013.
Eric Bommensath and Tom King are appointed co-chief executives of CIB with effect from 1 May 2013. Bommensath and King take on these roles in addition to maintaining their current responsibilities as, respectively, head of markets and head of investment banking division. Both will join the Barclays executive committee on appointment and report to group chief executive Antony Jenkins.
Bommensath and King will share accountability for the leadership and overall performance of CIB, and ownership of the vision and strategy for this part of Barclays’ business.
CIB will be structured around client-focused product sets, in keeping with the strategic growth plan for the investment bank published on 12 February. King will have specific responsibility for the banking segment, while Bommensath will oversee the markets segment.
Barclays is at an advanced stage in the implementation of Project Gamma and the build out of the wealth platform. This creates an obvious inflection point in the development of the wealth and investment management (WIM) business.
The priority going forward will be on working closely with retail and business banking (RBB) and CIB to provide a seamless service to clients as a platform for future growth.
Peter Horrell will lead the work on implementation of this priority, and is appointed interim chief executive of wealth and investment management with effect from 1 May 2013, reporting Jenkins.
Tom Kalaris, currently chief executive, WIM, and executive chairman of Barclays in the Americas, has decided to retire from the bank on 30 June 2013, and, in the meantime, will work with Horrell to implement a transition to the new priority. He will step down from the Barclays executive committee on 30 April 2013.
Skip McGee is appointed chief executive, Barclays Americas with effect from 1 May 2013. He will join the Barclays executive committee on appointment and report to Jenkins.
McGee will be the senior executive in the Americas, with geographic responsibility for all of Barclays’ businesses in the region, including CIB, Barclaycard and wealth and investment management. As the primary public-facing executive in the Americas, he will also lead Barclays’ regulatory engagement for the region.
Jenkins says: “Since I became group chief executive, a major area of focus for me has been to streamline and improve how the bank is managed, while strengthening control. The elimination of the global RBB layer, and the integration in train to bring together the operations of Barclays Africa and Absa, are examples of actions taken to advance this agenda.
“Today’s changes are the next step in that journey, and they will ensure we have the right senior team in place to deliver the strategy and commitments we made on 12 February, and build the ‘Go-To’ bank.
“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.
“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.”
