Barclays Investment Bank Boss Cashes in $26m Award

Rich Ricci, the head of Barclays' investment bank, has sold shares worth more than $25.7m straight after receiving them as part of previous deferred bonuses or long-term awards.

Reuters reports that Barclays said on Wednesday Ricci was awarded 5.7 million shares on Monday and had sold them all when the shares were priced at 308.1 pence, valuing the stake at $26.6m. Barclays shares have fallen through this week and closed on Wednesday at 295.2p.

Ricci's pay does not have to be disclosed as he is not on the board, but he has long been one of the highest paid people at Barclays. He was paid $16.01m and awarded shares worth another $26.1m pounds for 2010 alone.

Ricci did not get a bonus for last year after Barclays was fined $450m for rigging Libor interest rates, but is expected to have received $2.23m for last year, including $1.05m in salary and $1.2m in long-term share awards.

Hit the link below to access the complete Reuters article:

Barclays Investment Bank Boss Cashes in $26m Award

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image: © Elliot Brown