Barclays' Invt. Bank Head Rich Ricci Won't Replace Diamond: Telegraph

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7/22/2012 6:08 AM ET

Rich Ricci, the head of Barclays Plc's (BCS: Quote,BARC.L) investment bank ruled himself out of the running to replace Bob Diamond as chief executive officer, the Sunday Telegraph reported, citing people it didn't identify.

His absence from the running to replace Diamond will create a further headache for Barclays' board. Ricci is instead said to want to focus on running the investment bank, formerly known as Barclays Capital, and restoring its reputation in the wake of the Libor scandal, , according to the newspaper.

Barclays had to pay £290 million to a trio of financial regulators in the US and the UK after admitting some of its bankers manipulated the key global inter-bank borrowing rate.

The troubled bank must also find a replacement for the outgoing chairman Marcus Agius.

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