There have been some management changes at Barclays
Jerry Del Missier, who was co-chief executive of the investment banking arm, is going off to become chief operating officer of the entire Barclays Group. Rich Ricci, who’s been at Barclays since 1994, was previously previously COO of Barclays Global Investors, and led the Lehman acquisition, is becoming sole head of the investment banking.
“…be responsible for making Barclays a leader within the industry on operational excellence. In partnership with the heads of the businesses and functions, he will lead all operations and information technology activities across Barclays, including those that are part of support functions, with the objective of ensuring that businesses can continue to deliver the highest quality service to clients and customers while also meeting the requirements of shareholders and the emerging regulatory landscape, including those related to resolution planning and ring-fencing.”
Whilst some of these responsibilities will clearly involve masterminding changes in Barclays’ structure under Vicker’s ring-fencing proposals, “operational excellence” also suggests: efficiencies, eliminating overlaps between divisions, cost cutting, and redundancies. Del Missier is assuming his new position with immediate effect.
Separately, the Financial Times’ financial services training Q&A session, which we have distilled for you here, has managed to attract some parents who are extremely keen that their son – currently doing his GCSE’s – should become an investment banker and specifically NOT a pseudo investment banker in an operations or IT position. In a sign that investment banking remains a career some parents would dearly love their children to go into, they ask:
“Our son is hopefully doing well at his GCSE exams, having just sat them, and prefers the rigours of essay writing, particularly the structured essays in history where an argument has to be presented with evidence. He also enjoys the pure mathematics subject and he is sitting further mathematics. His research so far has led him to look at reading economics with mathematics or economics at university. His A-level subject choices are therefore: mathematics, further mathematics, history and economics. Is this approach valid for a career in the City of London (investment banks, brokers, consultancies), preferably in the business departments, not IT?”
Do you have any advice for them?
Jim O’Neill shows how to get a job in government: ““If I was approached, it would be very flattering and something that I would have to think about.” (Bloomberg)
After cutting 10% of its employees, Getco is putting its chief technology officer in charge of its London office. (Financial Times)
Citigroup is cutting 20 people in Germany. (eFinancialCareersDe)
Two senior people have left RBC Capital markets in Europe. (Financial News)
A trader comes up with a very good reason why bankers should receive bonuses on a monthly basis. (Reuters)
If you are going to ‘borrow’ computer code from an investment bank, it would appear inadvisable to print it out first. (Reuters)
” I consider having children a deeply irrational thing to do.” (MathBabe)
“Manic states can occur in any kind of mental structure.” (Guardian)
Stay rich quick schemes. (McSweeneys)