Barclays lures top Citi exec to head retail units

LONDON, June 8: British bank Barclays Plc said on Thursday it will pay almost 12 million pounds (.3 million) to lure a top Citigroup executive to head its global retail and commercial banking operations.

Barclays said Frederick (Frits) Seegers would become chief executive of global retail and commercial banking, a new position, from July 10, and join the executive board.

It effectively creates a two-line structure below chief executive John Varley, with Seegers in charge of UK banking, international and Barclaycard businesses and Bob Diamond in charge of Barclays Capital, Barclays Global Investors and Wealth Management.

Barclays said it will pay 8.5 million pounds in cash and share awards over the next three years to compensate Seegers for his departure from Citigroup, where he held senior positions over 17 years.

He will earn a basic salary of 700,000, a 2006 bonus of 1.6 million pounds and will be in line for a performance-related bonus of a further 1 million pounds.

Dutch national Seegers was most recently CEO of Citigroup's global consumer group, responsible for all the bank's retail operations in Europe, Middle East and Africa, based in London.

Seegers will assume the responsibilities of David Roberts, chief executive for international retail and commercial banking, who will leave later this year, Barclays said.

Gary Hoffman, currently chairman of UK banking and Barclaycard, will become group vice chairman with responsibilities including corporate responsibility.

REUTERS