Claims of multi-million compensation for no promotion at Barclays

Britain's Barclays bank paid millions of pounds in compensation to its credit card boss for reneging on a promised promotion as rumours mount over tensions at the bank’s helm, it was reported today.

Barclaycard chief executive Antony Jenkins received “several million pounds” for a promotion to the bank’s executive committee that never came, according to The Times.

The group, which hired Mr Jenkins from Citigroup in 2006, is now said to be planning a management reshuffle for the retail and commercial banking arm that could lead to the departure of divisional head Frits Seegers.

News of the reported payout to Mr Jenkins is also likely to further stoke controversy over a return to excessive pay in the City as banks begin to hand out mega bonuses once more.