News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Panmure Gordon is back in profit — Rich Ricci and Bob Diamond say potential hires ‘knocking on our door’

Bob Diamond on European banks: ‘I don’t think they have the talent they had 10 or 12 years ago... I don’t think they can attract that talent, nor do they want to compensate that talent’

Rich Ricci headed up Barclays' investment bank and, together with Bob Diamond, led an expansionary period for the bank in the wake of its post-2008 acquisition of Lehman Brothers' US business
Rich Ricci headed up Barclays' investment bank and, together with Bob Diamond, led an expansionary period for the bank in the wake of its post-2008 acquisition of Lehman Brothers' US business Photo: Getty Images

When former Barclays investment bank chief, Rich Ricci, took the reins at City broker Panmure Gordon two years ago, he promised to get “back to basics” at the firm that was struggling to stem losses of tens of millions of dollars as it expanded beyond its roots.

Ex-Barclays boss Bob Diamond, whose investment firm bought Panmure in 2017 with backing from the Qatari sovereign wealth fund, had turned to former lieutenant Ricci to revive the fortunes of the City broker that had lost nearly £35m over the previous two years as it looked to transform itself into a “21st-century merchant bank”.

WSJ Logo