Barclays to close wealth management services

By Marc Castro

Sep 25, 2013 10:14 PM EDT

In a surprise announcement, Barclays Plc would stop offering wealth management services in about 130 countries by 2016. It would also be reducing its workforce in the unit as part of its overall effort to reduce costs and increase overall profits. The move was reported by the Financial Times.

The initial plans were announced back in April to restructure part of its wealth management buiness. The goal was to allow the business to work more directly with its retail and corporate banking divisions. It was expected that further details on the changes to wealth strategy would be announced in the forthcoming weeks.

The bank had recently appointed Peter Horrelll as its nww Weakth and Investment Management Unit's CEO last Monday. He held this position on an interim basis since last May. 

According to a Barclays spokesperson, "This is part of our new strategy, focusing on reducing complexity and competing where we can win. We don't expect overall headcount to change significantly, but some roles will fall away as a result of new segmentation and investment in technology."

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