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Bank charges: Barclays investment head Rich Ricci to retire

The head of Barclays investment arm, Rich Ricci, is due to retire in June.

He will be succeeded by Eric Bommensath and Tom King, who will take over as co-chief executive officers (CEOs) of Barclays corporate and investment banking.

Wealth management head, Tom Kalaris, will also be leaving.

Mr Ricci and Mr Kalaris are two of the last remaining management members of the former CEO Bob Diamond’s team.

The ex-CEO stepped down last year after regulators found that Barclays had been involved in the Libor fixing scandal.

This scandal saw banks changing the benchmark estimate, which is used to set financial transactions all over the world, in a bid to boost profits.

As well as Barclays, UBS and Royal Bank of Scotland have also been found guilty of Libor rigging.

Barclays was fined £290 million by regulators for this.

The Financial Conduct Authority has taken over Libor investigations in the UK from its predecessor, the Financial Services Authority.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801573458-ADNFCR



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