Barclays’ investment-banking chief Rich Ricci and wealth-management head Tom Kalaris, two of the last remaining members of former Chief Executive Officer Robert Diamond’s management team, will step down.
Peter Horrell, who joined the bank in 1990, will become interim head of the wealth unit.
Chairman David Walker and CEO Antony Jenkins, who took over after the firm was fined an unprecedented $442m in June for rigging the London interbank offered rate, are trying to cut costs by stripping out layers of management and boost regulators’ confidence in the company. An internal report this month criticized pay at the investment bank and urged the company to boost transparency.
'Jenkins has been trying to distance the bank from some of the excesses of the previous regime', said Chris Wheeler, a financials analyst at Mediobanca SpA in London. 'Ricci was closely associated with the previous management team, having worked very closely with Diamond'.
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image: © Dick Johnson