Barclays to overhaul investment banking structure

Barclays has restructured its investment banking arm in an effort to cut costs and limit further reputational damage following the LIBOR scandal.

Head of corporate and investment banking, Rich Ricci, said a greater degree of regional leadership and coordination is needed as regulation and clients' demands change. Ricci will merge trading and distribution teams across fixed income, commodities and currencies (FICC) and equities into a new 'markets' business, which will be led by former FICC head Eric Bommensath. "We have taken market share through the turbulence of recent times, but with markets remaining challenging we must continue to control our own destiny," Ricci said in a memo according to Reuters. Barclays chief execut...