Barclays revamps its business

It's all change at the top at Barclays (BARC) as the banking giant looks to overhaul its structure and the responsibilities of its senior management team.
 
The surprise move sees the resignation of Frits Seegers, who is currently chief executive of Barclays' retail and commercial bank.

Seegars, who has been in the role for around three years when brought in to turnaround the banks' fortunes, is expected to receive a pay-off of around £700,000.
 
Chief executive John Varley said: "The structure and promotions we are announcing today are designed to position Barclays strongly in an industry that is experiencing rapid change. At their heart is developing our capabilities to benefit the customers and clients of Barclays within a strong governance framework which is well attuned to the events of the last two years."
 
Barclays now intends to extract the bank's commercial operations from Seegars' former empire.

The new corporate and investment banking (CIB) and wealth management arm will be made up of Barclays Capital, Barclays Commercial Bank and Barclays Wealth. This will be led by Robert E Diamond Jr. Jerry del Missier and Rich Ricci will be co-Chief Executives of the corporate and investment bank.
 
Tom Kalaris, who is chief executive of Barclays Wealth, will continue to lead the wealth management business.

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Meanwhile, a division to be called Global Retail Banking (GRB) and comprising UK Retail Banking, Barclaycard and the former GRCB Western Europe and Emerging Markets businesses, will be led by Antony Jenkins.
 
He is currently the chief executive of Barclaycard and joined from Citigroup in 2006.
 
New talent is also set to join boss John Varley, group president Robert E Diamond Junior and group finance director Chris Lucas on the executive committee which is responsible for executing the strategy decided by the board.

These four executives along with group general counsel Mark Harding, chief executive officer of Absa Maria Ramos, chief risk officer Robert Le Blanc, and group human resources director Cathy Turner, will join the group executive committee.

Shares in the group were down more than 2% to 322.2p.