Barclays Rejigs Retail and Investment-Banking Management
Barclays PLC on Tuesday announced a major restructuring of its retail and investment-banking businesses into new group units that will see one of its top executives, Frits Seegers, leave the bank.
The bank said it will bring corporate and investment banking -- the Barclays Capital unit -- into a new business grouping with its commercial bank and its wealth-management businesses that will be overseen by group President Bob Diamond.
Jerry del Missier and Rich Ricci will be co-chief executives of the investment bank and Tom Kalaris will continue to head Barclays Wealth.
It is also forming a global retail-banking division made up of U.K. retail banking, its Barclaycard credit-card business, and Western Europe and emerging-markets retail and commercial banking, to be run by Antony Jenkins, the current chief executive of Barclaycard. More
Mr. Jenkins will report to Group Chief Executive John Varley, as will Maria Ramos, the chief executive officer of Barclay's South African Absa subsidiary.
Messrs. del Missier, Ricci, Kalaris, Jenkins and Ms. Ramos will all join Barclays' group executive committee as part of the reorganization. The bank's group general counsel, Mark Harding, its chief risk officer, Robert Le Blanc and its group human resources director, Cathy Turner, will also join the committee.
Barclays said Mr. Seegers will leave his role as chief executive of global retail and commercial banking after a handover. His resignation from the bank's board is effective immediately.
The bank, which is due to report on its third-quarter performance Nov. 10, said pretax profit in the period was "consistent with the run rate for the first half of 2009."
Write to Margot Patrick at margot.patrick@dowjones.com
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