By Steve Slater
LONDON, March 20 Rich Ricci, the head of
Barclays' investment bank, has sold shares worth more than 17
million pounds ($25.7 million) straight after receiving them as
part of previous deferred bonuses or long-term awards.
Barclays said on Wednesday Ricci was awarded 5.7 million
shares on Monday and had sold them all when the shares were
priced at 308.1 pence, valuing the stake at 17.6 million pounds.
Barclays shares have fallen through this week and closed on
Wednesday at 295.2p.
Ricci's pay does not have to be disclosed as he is not on
the board, but he has long been one of the highest paid people
at Barclays. He was paid 10.6 million pounds and awarded shares
worth another 17.3 million pounds for 2010 alone.
Ricci did not get a bonus for last year after Barclays was
fined $450 million for rigging Libor interest rates, but is
expected to have received 1.5 million pounds for last year,
including 700,000 pounds in salary and 800,000 in long-term
There has been speculation he will not stay at Barclays as
new chief executive Antony Jenkins overhauls the bank.
Ricci joined Barclays in 1994 and led its acquisition of
Lehman Brothers in 2008, becoming co-head of investment banking
in 2009 and sole head of corporate and investment banking last
He owns a number of top racehorses based in Ireland,
including many that ran at last week's prestigious Cheltenham
festival in England. One horse is named Fatcatinthehat.
Ricci was one of nine directors to receive shares, and often
about half of them are sold to cover taxes. Jenkins, who took
over as CEO at the end of August, received shares worth about
5.6 million pounds, and sold just over half.
Tom Kalaris, head of wealth and investment management,
cashed in all the shares he was awarded, worth 5.5 million
Barclays said the share awards included deferred shares
awarded from previous years' annual bonuses and the vesting of
long-term incentive plans. Under its deferred plan a third of
shares are paid each year over three years - so Ricci's bonuses
date back to 2009, 2010 and 2011.
Barclays said all its future short- and long-term share
awards would be based on new principles it set out in its annual
report, released on March 8.
It said then that a new performance assessment would be
based on delivering performance consistent with values Jenkins
has set out to rebuild Barclays' reputation.