Rich Ricci, the boss of Barclays’ investment bank who collected $26 million in deferred bonuses last month, is leaving the scandal-hit bank as its new chief executive seeks to cut back executive pay and repair its image. The American-born Ricci, a star performer at Barclays known for his love of horse racing, was a key lieutenant of Bob Diamond, the former chief executive who left Britain’s third largest bank last year after a Libor interest rate rigging scandal…Speculation intensified that Ricci, 49, who is estimated to have earned at least 80 million pounds ($122 million) from his 19 years at Barclays, would go after CEO Antony Jenkins failed to publicly back him when he unveiled a new strategy in February. “It’s part of the ongoing cultural revolution at Barclays,” said Simon Maughan, analyst at Olivetree Securities. [Reuters, related]
Noted bank analyst Dick Bove is planning to submit his resignation from Rochdale Securities LLC on Monday, according to a person familiar with his plans. Mr. Bove has remained at Stamford, Conn.-based Rochdale as it has searched for a rescue since Oct. 25, when a trade in shares of Apple left it in what President Daniel Crowley called a “negative capital position.” [...] Mr. Bove has been unable to publish stock research since the errant trade, because Rochdale’s cash shortfall has prevented the firm from trading securities or issuing analysis. [WSJ, earlier]
Ben Gifford ’10, the valedictorian of his class [at Dartmouth], left his job at Bridgewater Associates after a year and a half. The next day, he decided to open a San Francisco-based bakery called Double or Muffin, an idea he and his childhood friend and Double or Muffin co-founder Sean Pears conceived while they were at a coffee shop in their hometown of Newton, Mass., according to Gifford. “It was the summer after college graduation and we were waiting in line, making bad jokes, when one of us said ‘double or muffin,’” Gifford said. “It’s really unclear who said it first, and we kind of forgot about it initially, but before long we realized that there was an actual game you could play that corresponded pretty much perfectly with the pun. You would buy a muffin and flip a coin — heads you’d get a second muffin for free, tails you’d keep the muffin you already bought.” Gifford, who does not have any prior entrepreneurial experience, had planned on pursuing other career paths post-graduation. After being rejected from several teaching programs in Asia, Gifford subsequently joined Bridgewater Associates in May 2010. “I actually liked the company and the people a lot, and, as I had hoped, I learned a ton,” Gifford said. “But at the end of the day, I’m really just not that passionate about macroeconomics or financial markets.” [The Dartmouth]
Don’t cry for the Cruz-Missile, though. Apparently she’s already strategizing her next move. Read more »
Princes of Bear Stearns, kings of Lehman Brothers– have you attempted to gain new employment in the last several years only to encounter prejudice among people who learn of your past? Is pounding the pavement with Bear and Lehman on your resumes not unlike being forced to knock on the doors of your new neighbors and let them know about your registration on a certain list of individuals? Take heart– one investment bank would like to let it be known that while you may have an asterisk next to your name, it believes in second chances. Read more »
For those of you who’ve been missing the CNBC anchor since she parted ways with the network last March, a Christmas miracle: she’ll be joining Bloomberg TV January 9 co-hosting “Street Smart” from 3-5PM, pitting her against former colleague Maria Bartiromo and the “Closing Bell” time slot. In related news, the whereabouts of departed CNBC personality Dennis Kneale are still unaccounted for.
“UBS said Francois Gouws and Yassine Bouhara resigned as co-heads of Global Equities following the recent unauthorized trading incident. Mike Stewart will become sole global head of Equities, it said.” [Bloomberg]