LONDON - Rich Ricci, the head of Barclays’ investment bank, is stepping down.
Mr. Ricci, a top lieutenant to former Barclays’ chief executive Robert E. DiamondJr. who step down in the aftermath in the rate-rigging scandal, had long been expected to leave the British bank after his name surfaced in the inquiry into the bank’s role in the manipulation of the London interbank offered rate, or Libor.
The move comes as part of major shake-up in the top management of the British bank, which reached a $450 million settlement last year with American and British regulators of the manipulation of key benchmark interest rates.
Earlier this year, regulatory filings showed that Mr. Ricci had cashed in $26 million of deferred shares. He was awarded the shares â€" some 5.7 million â€" as part of his bonus from 2009 to 2011.
As part of his departure, set for June 30, Mr. Ricci will receive up to one year’s salary as part of his retirement package, according to a statement from the bank. His salary for 2012 was not disclosed by Barclays, though analysts said he was likely one of the bank’s top earners last year.
Barclays’ new chief executive, Antony P. Jenkins, announced major changes to the bank’s structure earlier this year, and gave faint praise to Mr. Ricci.
In February, Mr. Jenkins declined to comment specifically on the position of Mr. Ricci, but added: “No one can predict the future, but I am confident in the team around me. Who knows what could happen in a year’s time?â€
Eric Bommensath, currently head of markets at Barclays, and Tom King, chief of the firm’s investment banking division, will become co-chief executives of Barclays’ corporate and investment banking division from May 1. They also will join the bank’s executive committee.
Skip McGee, a former Lehman Brothers banker who was named as head of Barclays’ corporate and investment banking in the Americas, last year, also has been appointed chief executive of Barclays Americas as of May 1.
Barclays also announced on Thursday that Tom Kalaris, the current head of its wealth and investment management division and executive chairman of Barlcays in the Americas, would retire on June 30. Peter Horrell, the head of Barclays’ intermediaries, international and direct businesses, will take over as interim chief executive of the bank’s wealth and investment management unit.
