Barclays Shakes Up Investment Banking

Reuters reports that Rich Ricci, head of corporate and investment banking, will merge trading and distribution teams across fixed income, commodities and currencies (FICC) and equities into a new Markets business, which will be led by Eric Bommensath, who was previously head of FICC globally and trading in Europe.

The New York Times reports that Barclays has also named Hugh E. McGee III, one of the firm’s top deal makers, as its most senior corporate and investment banker in the Americas.

McGee, who goes by Skip, will become the firm’s chief executive of corporate and investment banking for the Americas,

Bloomberg reports that Ivan Ritossa, the securities unit’s head of Latin America, central and eastern Europe, the Middle East and Africa, Guglielmo Sartori di Borgoricco, head of distribution and Michael Evans, head of the unit’s human resources, will leave. Iain Abrahams, who became an executive vice chairman of Barclays last year, will also depart, Barclays said.

Barclays’s corporate and investment bank eliminated more than $810m of expenses in the past 18 months, Ricci said last month. Ricci at the time said the bank would review products and services that are no longer appropriate, regardless of financial return. He cited 'elements' of the bank’s tax advisory business and the sale of structured products to small-and medium-sized businesses.

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