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Barclays investment bank boss cashes in $25 million share award

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(Globalpost/GlobalPost)

LONDON (Reuters) - Rich Ricci, the head of Barclays' investment bank, has sold shares worth almost 17 million pounds straight after receiving them under previous deferred bonuses or long-term share awards.

Barclays said on Wednesday Ricci was awarded 5.7 million shares on Tuesday and had sold them all. By 1554 GMT Barclays shares were down 1.3 percent at 294 pence, valuing the stake at 16.8 million pounds.

Ricci was one of nine directors to receive shares, and often about half of them are sold to cover taxes. Antony Jenkins, who took over as CEO at the end of August, received 1.8 million shares and sold 943,000.

(Reporting by Steve Slater; Editing by Helen Massy-Beresford)

http://www.globalpost.com/dispatch/news/thomson-reuters/130320/barclays-investment-bank-boss-cashes-25-million-share-award