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Barclays bank pays former head £161,000 a month

Frits Seegers, the former head of Barclays retail and commercial banking operation, is in line to receive almost $250,000 a month from the company until at least the year-end 2010 even though he left the business in November 2009. He was one of the more high-profile victims of a management and structure shake up although under his contract he is entitled to the above monthly payment until at least the end of 2010 or until he is able to find another position.

This comes at a time when the UK banking industry is under more pressure than ever with claims that despite the UK and the worldwide economy struggling to break away from the recession, the banking industry has in many ways return to the boom times already. While Barclays may not have benefited directly from government intervention in the shares market, with the authorities buying significant stakes in Lloyds bank and Royal Bank of Scotland, it did benefit indirectly from financial assistance given to the money markets.

Even though some of the more high-profile management at Barclays bank have passed over their bonuses this year they will in due course return to the gravy train which appears to be heading at full pace back to the boom times.

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