Barclays parts company with Ricci and Kalaris

Barclays has drawn a line under the Bob Diamond era, ejecting the last two senior executives from his period in charge with the departures of Rich Ricci, head of investment banking, and Tom Kalaris, who ran wealth management.

Antony Jenkins, who took over as Barclays’ chief executive last August in the wake of the UK bank’s £290 million Libor rate manipulation settlement and Mr Diamond’s subsequent resignation, said he needed the “right senior team in place” to deliver his new “strategy and commitments”.

The departures had been widely expected given the men’s closeness to Mr Diamond. Friends said Mr Ricci had acknowledged that he gave off “too much heat and light” for Mr Jenkins’ new, measured tone of management.Mr Ricci, a flamboyant banker, well known for his collection of racehorses, was one of the best-paid men in the City. Last month he pocketed nearly £18 million in deferred remuneration earned over the past three years.

The departures were described as “retirements”. Mr Ricci (49), will be replaced as head of Barclays’ corporate and investment banking at the end of June by Eric Bommensath and Tom King. Mr Kalaris (57), will retire at the same time as head of wealth management.

Mr Ricci and Mr Kalaris will be granted up to one year’s salary as part of their notice periods but will not receive severance pay. – Copyright The Financial Times Limited 2013