Barclays management shake-up follows departure of global retail chief Seegers

Published on Tuesday 3 November 2009 20:00

BARCLAYS yesterday announced the surprise resignation of Frits Seegers, one of its most senior executives, alongside a shake-up of its management.

Seegers, head of global retail and commercial banking, will leave after a hand-over period but has quit as a director of the bank with immediate effect, Barclays said. A new global retail banking unit will be headed by Antony Jenkins, the current chief executive of Barclaycard. It will include UK retail banking, Barclaycard and retail operations in western Europe and emerging markets.

Commercial banking will now become the responsibility of Bob Diamond, Barclays' president.

Britain's second-biggest bank also said its pre-tax profit in the third quarter was consistent with the run rate for the first half of the year. It will release its results next Tuesday.

Barclays said it wanted to put commercial banking alongside Barclays Capital, as corporate customers are increasingly using more investment banking products. That shift removed much of Seegers' role.

Seegers, a Dutchman married to Kartika Sukarno, the daughter of the late president Sukarno of Indonesia, joined Barclays in July 2006 as chief executive of global retail and commercial banking.

Seegers added almost 20 million new customers by building the business up in Spain, Italy and entering four new markets – India, Pakistan, Russia and Indonesia.

Barclays paid almost 12 million to poach him from US bank Citigroup, where he had spent 17 years, including as head of retail operations in Europe, the Middle East and Africa.

Barclays declined to comment on how much Seegers, 50, will receive on leaving. He is likely to get at least his annual basic salary of 700,000. He earned 2m in 2007, including bonus.

Last night John Varley, Barclays group chief executive, said: "The structure we are announcing today are designed to position Barclays strongly in an industry that is experiencing rapid change.

"I am sad these changes result in Frits leaving the group. (He] has had a transformational impact on our retail and commercial businesses globally. I am extremely grateful for the energy and commitment he has brought to Barclays."