Bob Diamond is reuniting with Rich Ricci, the race-horse owning former head of Barclays’ investment bank, by appointing him chief executive of Panmure Gordon — the UK stockbroker Diamond’s investment firm acquired nearly three years ago.

Panmure has overhauled its senior ranks after a loss-making period for the City broker. It has put its losses down to a drive to create what it describes as a “21st century merchant bank”, expanding beyond its traditional broking roots.