Part of a new strategy.
Just a few days after a report that Credit Suisse's wealth management business will pull out or partially withdraw from some 50 countries by the end of the year, another top firm is engaging in an even bigger shake-up.
'This is part of our new strategy, focusing on reducing complexity and competing where we can win', a Barclays spokesman told the news agency.
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 as a result of technology.
The Credit Suisse move is said likely to affect countries such as Angola, Turkmenistan and Belarus, is part of efforts to save $164m in the wealth management unit, the Tages Anzeiger daily reported on Tuesday.