Barclays axes overseas wealth management departments


Barclays bank has announced its intention to pull its overseas wealth management departments in about 130 countries.

In an announcement yesterday Barclays said it would now concentrate its resources to some 70 overseas markets where the bank had a substantial market share and could compete more effectively.

“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 while some jobs would be lost that number would stay roughly the same. The move was widely anticipated with the bank announcing back in April that it would be reorientation its operations to retail and corporate finance.