Barclays’ corporate and investment banking chief Rich Ricci has made his first key changes to the structure of the business since taking charge in June, combining the trading and sales operations of its FICC division with equities, and creating a new global senior leadership team.
The restructuring, which is the first overhaul of Barclays’ core business since the bank was rocked by the Libor-rigging scandal in the summer, includes the departure of three of its most senior bankers.
Ivan Ritossa, head of the CIB’s Latin America and Central, Eastern Europe, Middle East and Africa businesses, Guglielmo Sartori di Borgoricco, global head of distribution, and Iain Abrahams, executive vice-chairman, will leave Barclays at the end of this year.
Ritossa was instrumental in building Barclays’ foreign exchange, prime services and Absa capital businesses, as well as the bank’s Asian fixed income, currencies and commodities (FICC) and equity trading operations, while Sartori di Borgoricco is credited with having built the bank’s global distribution channels across asset classes, in effect creating a "flow monster" model.
Abrahams, who was appointed executive vice-chairman of Barclays last year, worked closely with Barclays’ finance director Chris Lucas, advising on group tax and treasury issues.
As part of the restructuring, Eric Bommensath, formerly head of FICC and trading for Europe, Middle East and Africa (EMEA), has been promoted to run the new single-markets division, which combines the FICC and equities trading and sales operations. Details around the precise structure of this integrated business are set to be announced shortly.
Other promotions include Jerry Donini, formerly head of equities, who has been appointed chief operating officer for CIB, and Skip McGee, head of investment banking, who becomes chief executive for the CIB business in the Americas.
McGee is to become chairman of investment banking in the first quarter of next year, with Tom King succeeding him as head of that division. In the meantime, King has been promoted to McGee’s deputy and joins Barclays’ CIB executive committee.
Robert Morrice will continue in his role as chairman and CEO for Barclays in Asia Pacific, while Patrick Clackson, formerly COO of CIB, has been promoted to CEO of CIB in EMEA, and John Winter, CEO of corporate banking, joins the executive committee.
In an internal announcement seen by Euromoney, Ricci says of the restructuring: “These organizational changes will position the firm best to take advantage of the changing market landscape ... and to become the go-to bank for all our stakeholders.”
Larry Wieseneck, who has been promoted to chief strategy officer, is to work closely with Ricci and “continue to drive the execution of our strategy and coordinate our transition to this new operating model”.
Ricci adds: "The future is in our hands. We have taken market share through the turbulence of recent times, but with markets remaining challenging, we must continue to control our own destiny.”
Barclays’ new CIB executive committee comprises the following members:
Rich Ricci, chief executive
Eric Bommensath, head of markets
Patrick Clackson, CEO of CIB, EMEA
Jerry Donini, COO of CIB
Larry Kantor, head of research
Tom King, deputy head of investment banking
John Mahon and Lee Guy, co-chief risk officers, investment bank
Skip McGee, head of the investment banking division; CEO of CIB, Americas
Robert Morrice, chairman and CEO, Barclays, Asia Pacific