LONDON: Barclays announced a shake up at its investment banking business yesterday aimed at streamlining the business in the face of a more challenging outlook for the industry. Rich Ricci, head of corporate and investment banking, told staff in a memo seen by Reuters that regulatory change and clients' demands mean a greater degree of regional leadership and coordination is needed.
He 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. Jerry Donini will become chief operating officer for corporate and investment banking.
