Barclays Plc’s 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.
As 1,100 managing directors from Barclays Capital descended on the Grosvenor House hotel near London’s Hyde Park in late September, they had more to celebrate than having successfully swallowed the North American unit of Lehman Brothers Holdings Inc. two years earlier. Their guy, Bob Diamond , the Massachusetts-born founder of Barclays Capital, had just been handed the top job at parent Barclays Plc in a sign of how he had transformed the 320-year-old British institution in his 14 years as investment bank chief, Bloomberg Markets magazine reports in its January issue.
Barclays Plc protected itself when it bought Lehman Brothers Holdings Inc. ’s defunct brokerage by focusing on the “maximum exposure” it was taking on in the falling markets of September 2008, a bank executive said.
Barclays Plc, the U.K.’s second- largest bank by assets, said Finance Director Chris Lucas, Chief Operating Officer Jerry Del Missier, Chief Executive Officer Robert Diamond and Rich Ricci, head of the lender’s investment banking unit, will forgo their annual bonuses this year.
Barclays Plc plans to move 4,000 more jobs overseas and to lower cost locations by 2015 to save as much as 250 million pounds ($381 million), said Eric Bommensath, co-chief executive officer of corporate and investment banking.
Barclays Plc, the first U.K. lender to report first-quarter results, may report a rise in profit at its investment bank, helped by gains in the U.S. as Europe’s sovereign debt crisis crimps income from the region.