Barclays Parts with CEO Ahead of Restructure

Barclays (LON:BARC) will see the departure of Frits Seegers, the chief executive of its retail and commercial bank. His departure comes amid a restructuring of the way Barclays runs its businesses.

Its not all bad news for Seegers, who is expected to receive a payoff of at least £700,000 he has been at Barclays for barely three years. Barclays are creating a new global retail banking business that will be run by Antony Jenkins, who is being promoted from Barclaycard.

Corporate and investment banking and wealth management will be created to include investment bank Barclays Capital, commercial banking and Barclays Wealth, the private banking group, it means they are splitting from its commercial business that was run by Seegers.

Chief executive John Varley said “I am sad these changes result in Frits leaving the group. Frits 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 and for the momentum he created during the last three years.”

To read more on this story go to guardian.co.uk. What do you think of the golden handshake of £700,000 for 3 years work? Let us know your thoughts.