The UK's Barclays Bank has undertaken a top-level management shake-up that will see the surprise departure of retail and commercial banking head Frits Seeger.
Under the restructuring, Barclays has created a new global retail banking unit that will be headed by current Barclaycard chief Antony Jenkins. The new unit will comprise UK retail banking, Barclaycard, the emerging markets business and the former global retail and commercial group that was under Seeger's command.
Seeger will stay on to manage the handover, but has quit the bank as a director with immediate effect.
Seeger was recruited by Barclays from Citigroup in 2006 on a handsome package that included a three-year £8.5 million cash and share award as compensation for taking up the role. He is reputedly in line for a £3 million severance pay-off.
On the wholesale side, Barclay's president Bob Diamond has extended his fiefdom by adding commercial banking to the Barclays Capital and Wealth units he already heads.