Barclays chief steps down in reshuffle

Roger Davis is stepping down as chief executive of Barclays UK business after the bank reshuffled the senior management in its British arm.

Mr Davis, who was paid a total of £1.3m last year, will formally resign tomorrow but remain with the bank until the end of March.

Under the terms of his contract Mr Davis is entitled to his £500,000 basic salary plus a further £500,000 in bonuses. He will be paid up to April 2007 unless he takes up a new job during that period.

Mr Davis joined the bank in 1997 and previously held the positions of chairman and chief executive of Barclays Capital Asia Pacific.

He will effectively be replaced by Gary Hoffman, currently chief executive of Barclaycard, who becomes chairman of UK Banking and Barclaycard with immediate effect.

Mr Hoffman has been with Barclays for 23 years and joined the board in January 2004.Three new divisional chief executives will report to Mr Hoffman.

Citigroup executive Antony Jenkins becomes chief executive of Barclaycard. Deanna Oppenheimer, formerly of Washington Mutual, is appointed chief executive of UK retail banking and Peter Harvey becomes chief executive of UK business banking.