Barclays in big shake-up: unit pullback, jobs to go

Closed Sign

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.

Reuters reports that Barclays 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 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.

Barclays to shut wealth management services in 130 countries

Credit Suisse to exit wealth management for some countries

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts