Rich Ricci: Former CEO of Barclays and Key Figure in Banking

Who is Rich Ricci?

Born in 1963, Rich Ricci is a prominent figure in the international banking industry. As a former CEO of Barclays, he possesses extensive experience and expertise in financial services, having spent nearly four decades in the field:

• Started his career as an oil and gas analyst at Goldman Sachs in 1987
• Joined Barclays in 2006, serving as the CEO of Barclays Capital until 2012
• Became the CEO of Barclays Group in 2012 and held this position until 2015

Controversies and Criticism

Libor Scandal

During Ricci's tenure as CEO, Barclays faced criticism and investigation for its involvement in the Libor (London Interbank Offered Rate) scandal.

• Barclays was fined $453 million for manipulating Libor rates to boost profits and avoid potential losses during the 2008 financial crisis.
• This scandal led to Ricci's resignation as CEO in 2015.

Personal Conduct and Shareholder Concerns

In addition to the Libor scandal, Ricci faced scrutiny for his personal conduct and compensation.

• In 2013, he was criticized for accepting a generous bonus of £6.5 million despite the bank's poor financial performance.
• Shareholders expressed concerns about his leadership, particularly regarding his handling of the Libor scandal and the bank's overall strategy.

Post-Barclays Career

Since leaving Barclays, Rich Ricci has been involved in various business ventures:

• In 2016, he co-founded a financial advisory firm called Greenhill & Co. together with Simon Borrows, another former senior executive at Barclays.
• Greenhill & Co. provides strategic advice and capital-raising solutions to companies, governments, and institutions worldwide.

Ricci's experience and expertise in the banking industry make him a valuable asset to Greenhill & Co. He brings a deep understanding of financial markets and regulations, as well as strong relationships within the industry.

Conclusion

Rich Ricci is a complex and controversial figure in the banking world. While he is recognized for his contributions to the industry, he has also faced criticism for his role in the Libor scandal and his personal conduct. Nonetheless, his extensive experience and expertise continue to be sought after in the financial sector.

Rich Ricci