August 17, 2009

No promotion, but bank raise came through

The head of Barclays' credit card division was given millions of dollars in compensation due to a promotion that never came, a British newspaper reported.

The Times of London said Antony Jenkins was promised a slot on the bank's executive committee. After he was hired in 2006, however, Chief Executive Officer John Varley hired Frits Seegers to lead the bank's commercial division. After Seegers was put on the executive committee alongside Bob Diamond, who ran the investment banking operation, there was no more room at the table, The Times reported Monday.

Jenkins then negotiated a settlement of several million pounds, to make up for the promotion he never got.

The revelation came as rumors circulated that Jenkins may soon be given a bigger role at the bank, The Times said.