Barclays to shut wealth management services in 130 countries
LONDON (Reuters) - Barclays Plc will stop offering wealth management services in about 130 countries by 2016 and cut jobs in the unit as part of an effort to rein in costs and boost profit.
"This is part of our new strategy, focusing on reducing complexity and competing where we can win," a Barclays spokesman said.
Barclays Wealth employs about 8,000 staff, and the spokesman said there is unlikely to be a significant change to that number although some jobs will go as part of new structure and technology.
Barclays announced plans in April to restructure its wealth business so it works more closely with retail and corporate banking divisions and rolled out its new strategy this week after appointing Mr Peter Horrell as chief executive of its wealth and investment management unit on Monday.