Barclays' global head of FX of more than 10 years will leave the bank at the end of this year as part of a reorganisation of the investment banking business.
Barclays’ global head of FX of more than 10 years will leave the bank at the end of this year as part of a reorganisation of the investment banking business.
The reorganisation will see the merger of Barclays’ trading and distribution teams across fixed income, currencies and commodities (Ficc) and equities into a single markets business. It comes three months after Barclays’s role in the Libor manipulation scandal was uncovered, leading to the resignation of the bank’s chairman, Marcus Agius, chief executive Bob Diamond and chief operating officer Jerry del Missier, who had previously been co-chief executive of corporate and investment banking.
Ritossa (pictured) joined Barclays in 2002 as global head of foreign exchange in London and later relocated to Singapore. In 2007, he assumed additional responsibility as head of global markets Asia-Pacific, and prime services in 2008. He was appointed deputy head of Ficc in September 2010, and took on his most recent role in June 2011. His departure will coincide with that of Guglielmo Sartori di Borgoricco, global head of distribution.
“Ivan Ritossa and Guglielmo Sartori di Borgoricco have decided to leave the organisation at the end of the year, and will step down from the executive committee. They will help manage the transition to our new model over the coming months. I would like to thank them for the critical role they have played in building the investment bank to stand today among the world’s best,” says Rich Ricci, chief executive of corporate and investment banking, in an internal memo distributed to the bank’s employees today.
Prior to joining Barclays in 2002, Ritossa was co-global head of FX at Lehman Brothers in London. He joined Lehman Brothers in 1999 as head of European FX, having previously been global head of FX at Bankers Trust.
“Ivan has been instrumental in building the firm’s foreign exchange, prime services and Absa Capital businesses to a market-leading position, as well as in the build-out of Asia Ficc and equity trading, and most recently our central and eastern Europe, Middle East and Africa and Latin American businesses,” says Ricci.
The new combined Ficc and equities business will be led by Eric Bommensath as head of markets, according to Ricci’s memo. Bommensath joined Barclays in 1997 as head of derivatives for Europe and was appointed head of fixed income in 2002. In September 2010, he became head of Ficc, responsible for the fixed income, foreign exchange, commodities, emerging markets and prime services trading businesses globally.
“Our investment bank trading and distribution teams across Ficc and equities will be organised as a single markets business. This will enhance the synergies across products and regions, as well as across trading and distribution, and strengthen our focus on clients. These organisational changes will position the firm best to take advantage of the changing market landscape,” says Ricci.
Gerald Donini, formerly head of equities, has been appointed chief operating officer for corporate and investment banking; Patrick Clackson has been appointed chief executive of corporate and investment banking for Europe, the Middle East and Africa; and Tom King has been appointed deputy head of the investment banking division. Hugh (Skip) McGee will be chief executive of corporate and investment banking in the Americas.
Bommensath is expected to announce further detail on the structure of the new markets business in the coming weeks. A spokesman for Barclays declined to comment on the reorganisation.
This article was first published on FX Week