Panmure Gordon turns first profit since ex-Barclays bosses Bob Diamond and Rich Ricci took the helm
Rich Ricci (pictured) who ran Barclays’ investment bank, is now Panmure’s chief exec
City stockbroker Panmure Gordon has turned its first profit since ex-Barclays bosses Bob Diamond and Rich Ricci took the helm.
The business, which dates back to 1876, bagged a £3.1million profit last year. That followed a £5.5million loss in 2020 and a £28.8million loss a year earlier.
Diamond, who was boss of Barclays between 2011 and 2012, bought a majority stake in Panmure along with the Qatari family in 2018.
He later roped in Ricci his former right-hand man who ran Barclays’ investment bank, to be chief executive. They and Jerry del Missier, were known as the ‘three musketeers’ during their time at Barclays.
But they suffered a fall from grace when Diamond was branded the ‘unacceptable face of banking’ by then-business secretary Lord Mandelson due to his enormous salary, exploitation of tax loopholes and oversight of the Libor rigging scandal.
Panmure’s change in fortunes last year was due to a rise in its number of corporate clients, which almost doubled from 53 to 91, Ricci told the Financial Times.