Bob Diamond is to be re-united with Rich Ricci, his former deputy at Barclays after he appointed him as the new chief executive of Panmure Gordon.
Diamond and Ricci were part of a trio (along with Jerry del Missier) that ran Barclays’ investment arm and who at the height of their power were among the biggest names in world banking.
Bob Diamond went on to become chief executive of the entire Barclays group in 2011, though all three departed in the wake of the Libor rigging scandal that saw the bank fined £290mln.
Ricci is famous for his big deals and ostentatious behaviour, having once entered a horse at Cheltenham called Fatcatinthehat.
He replaces Ian Axe, who has departed the loss-making broker with immediate effect.
Panmure has also acquired Whitman Howard, a boutique corporate broker, with co-founder Richard Morecombe to return as the conglomerate’s president and executive director.
Diamond bought Panmure two years ago for £15.5mln through his Atlas Merchant vehicle, though the biggest stake of around 40% is held by the Qatari Investment Authority.
Having Diamond and Ricci on the board is a sign that Panmure is ready to make a big statement in the City, according to observers.