Barclays retail head Seegers to step down

LONDON: British bank Barclays today said its Global Retail and Commercial Banking (GRCB) Chief Executive Frits Seegers, will leave the company with immediate effect as part of restructuring of the top management.

Seegers would leave Barclays following a handover and resignation from the position of Director of Barclays Plc and Barclays Bank Plc with immediate effect, the company said in a statement.

"I am sad these changes result in Frits leaving the Group. Frit 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," Group CEO John Varley said.

Barclaycard Chief Executive Antony Jenkins would lead Global Retail Banking (GRB). It would comprise UK Retail Banking, Barclaycard and retail operations in Western Europe and emerging markets businesses.

Besides, commercial banking would be headed by Barclays President Bob Diamond. He would lead a new business group called Corporate and Investment Banking (CIB)and Wealth Management.

Jerry del Missier and Rich Ricci would be Co-Chief Executives of the corporate and investment bank and would report to Diamond.

Tom Kalaris, Chief Executive of Barclays Wealth, will continue to lead the Wealth Management business.

About restructuring Diamond said, "restructuring will enhance our ability to respond rapidly to the opportunities ahead as we work alongside our clients and customers. Our mission is to help them realise their ambitions and, thus, contribute to economic growth and prosperity."