DATELINE: Barclays Plc will stop offering wealth management services in about 130 countries by 2016 and will cut jobs in the unit as part of an effort to rein in costs and boost profits, the Financial Times reported on Wednesday.
Barclays announced plans in April to restructure its wealth business so that it will be able to work more closely with retail and corporate banking divisions. Further details on the wealth strategy are to be expected.
The British bank appointed Peter Horrell as its wealth and investment management unit’s chief executive on Monday. Horrell had been holding the position on an interim basis since May.