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Ricci and Kalaris to leave Barclays

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Barclays head of investment banking Rich Ricci and wealth management chief Tom Kalaris are leaving the business.

Ricci and Kalaris, who played key roles under former Barclays chief executive Bob Diamond, will leave the banking group on 30 June.

Barclays has appointed Eric Bommensath and Tom King as co-chief executives of corporate and investment banking to replace Ricci. They will take up the roles on 1 May.

Bommensath will remain head of markets while King will continue as head of the investment banking division. They will join the Barclays executive committee and report to chief executive Antony Jenkins.

Jenkins says: “In Tom and Eric we have two superb leaders for [corporate and investment banking] and I am looking forward to working with them to build the ‘go-to’ investment bank from our already world-leading position.

“This decision does mean that Rich Ricci will retire from the bank on 30 June. We are very grateful to Rich for his major contribution to Barclays over the past 19 years, during which time he has played a significant role in building our investment bank into the success it is today.”

Peter Horrell has been appointed interim chief executive of wealth and investment management and will take over from Kalaris on 1 May. He will also report to Jenkins.

Commenting on the wealth management changes, Jenkins says: “Now is the appropriate time to determine how we maximise the business’ potential in the next phase of its development.

“I have therefore asked Peter Horrell, a strong and experienced leader within wealth and investment management, to take interim charge of the business, reporting to me, and to focus on implementing a new priority which will see [wealth and investment management] work more closely with [retail and business banking] and [corporate and investment banking] to provide a seamless service to our wealth clients as a platform for future growth.

“As a result of this, Tom Kalaris will also retire from Barclays on 30 June. Tom has made a huge contribution to the bank in a variety of senior roles over the past 16 years, including most recently overseeing the growth in Wealth and Investment Management since 2006.”

Diamond left Barclays in 2012 in the wake of the Libor-rigging scandal.

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