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Barclays in surprise boardroom shakeup

Source: The Guardian

Nov 03, 2009

Summary

Barclays is splitting off its commercial business from the division previously run by Frits Seegers

Barclays is shaking up its boardroom and restructuring its business in a surprise move that will result in the departure of Frits Seegers, chief executive of its retail and commercial bank, who was hired on a £12m pay deal only three years ago.

The sudden departure of Seegers, who is expected to receive a payoff of at least £700,000, came on a day of upheaval in the banking sector. As the government poured another £39bn of taxpayer money into Royal Bank of Scotland and Lloyds Banking Group, HSBC also admitted it was axing 1,700 jobs around the country.

Trade union Unite described the job cuts – taking the total reduction this year to 3,400 – as a "fundamental mistake".

The changes at Barclays, which has managed to avoid taking taxpayer cash, involve the creation of a new global retail banking business that will be run by Antony Jenkins, who is being promoted from running Barclaycard.

A new division called corporate and investment banking and wealth management will b

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