Seegers collects £160,000 a month after leaving Barclays

BARCLAYS is paying the former head of its retail and commercial banking arm more than £160,000 a month until he finds a new job, it emerged yesterday.

The banking giant, which recently posted annual profits of 11.6 billion, has agreed to make the monthly payments to Frits Seegers, even though he left the bank last November.

It came as it was revealed that Barclays Capital boss Bob Diamond could pocket a further 6 million jackpot if the bank hits targets over the next three years.

Seegers, who left the group after a restructuring and management shake-up, is entitled under his contract to a monthly payment of 161,150 until the end of 2010, or until he takes up another job, Barclays disclosed in its annual report. The Dutchman joined the bank in 2006, when Barclays paid 12 million to compensate him for lost share awards from previous employer Citigroup.

His total pay and benefits package last year was 2.38m, including a 700,000 salary and a deferred share award of 933,000.

Diamond has been awarded the shares under a new incentive plan for the years 2010 to 2012, according to the bank's annual report.

The head of the Barclays Capital investment banking arm received an unchanged salary of 250,000 in 2009 after giving up his bonus for a second successive year.

He was paid over 21m in 2007, making him one of Europe's top-paid bankers.

Diamond did land a 26.8m windfall last year from the sale of shares in asset management unit Barclays Global Investors, under a plan dating back to 2003.