£100 million bank boss Rich Ricci has been accused of being ‘out of touch’ after entering race horse Fatcatinthehat into the Cheltenham Festival. The Barclays investment banker, who always wears his signature trilby while racing, cashed in £9.7 million of shares bonuses last year, earned £44 million of pay and perks in 2010 and is set to pocket up to £6 million in deferred shares bonuses this year. Labour have accused the 49-year-old of being ‘out of touch’ with the plight of ordinary, hardworking people after choosing such an insensitive name. Labour MP John Mann said: ‘It’s an insult to every taxpayer and small business in the country. And it shows just how out of touch these bankers are.’ [...] Ricci and his wife of 12 years Susannah, 49, have reared 30 horses with champion trainer Willie Mullins, winning £588,125 in prize money this season alone. They have entered a total of eleven horses to the meeting which starts tomorrow. He is famous for his trademark trilby and extroverted choice of tailoring when he appears at the races. Fat cat in the hat won his last race and is 12-1 third favourite to win Wednesday’s Fred Winter Juvenile Hurdle for a £75,000 prize. [DM]
New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they’re telling him is the bank is about to have 40,000 fewer employees. Read more »
Those Libor fines don’t pay for themselves! Read more »
- It has spent the last few years comprehensively defrauding customers, manipulating interest rates, and making false disclosures about its financial situation, and
- Its new-ish CEO is working on a “review … to assess if the bank’s businesses are ethical and not just profitable.”
Hey that’s super. And definitely some of the people who were ripping off customers have been fired, so your odds are … improving?
In my more cynical moods I posit that there are three reasons to do business with a bank, corresponding to three relationships that you can have with the bank:
- Client: You trust them not to rip you off.
- Counterparty: You (think that you) are an eyes-open counterparty; they are trying to rip you off and you are trying to rip them off and you hope that you’re smart enough to survive.
- Co-conspirator: You’re working together to rip someone else off.
Most – not all – of what is scandalous in finance comes from one or both parties misunderstanding which relationship they’re in.1
The co-conspirator model is in some sense the most attractive for the bank. Read more »
After spending his first six months on the job speaking about cultural change at scandal-plagued Barclays PLC, Chief Executive Officer Antony Jenkins on Tuesday will unveil a plan that is expected to leave the bank’s strategy largely intact, according to people briefed on the matter.
But wait! Barclays can change in all the ways that it thinks matter to you and the British government, if not to its shareholders. Read more »
If you like delayed gratification you’ll love the payment plan management has come up with. Read more »
It’s getting to be a struggle to be amused by Libor manipulation chats. RBS took its lumps today, and the CFTC and FSA orders are full of quotes, and you can read them in various round-ups, but, meh. Even Bart Chilton is bored; today’s imagery (“sends a signal to those who would monkey around with benchmark rates … much more than a slap on the wrist …”) is a letdown after his UBS masterpiece (“Financial sector violations are hurtling toward us like a spaceship moving through the stars”) just a few weeks ago. I get it! Everyone manipulated Libor! In writing! And then they were like “heh, fukin awexome man, u manipluated libor, gud work, i sexx u now, w champain.” Fabulous.1