Rich Ricci, who jointly runs Barclays’ corporate and investment banking business, has said companies need to “embrace” the concept of a long-burgeoning European bond market to reduce their reliance on bank funding.

Ricci, who is co-chief executive of the unit formerly known as Barclays Capital, this morning said that companies needed to reduce their reliance on loans from banks to finance their businesses, and instead look to the capital markets.