Head of Barclays wealth management to leave

The head of Barclays wealth and investment management business, Peter Horrell, is leaving the bank later this year as part of an overhaul of the British bank's wealth operation.

Reuters reports that Horrell was appointed chief executive of Barclays' wealth arm last September after running the business on a temporary basis following the departure of Tom Kalaris in April 2013.

Barclays said on Thursday Horrell had chosen to step down and would leave at the end of the year after 23 years at the bank.

Barclays has struggled for several years to build its wealth business to the size and profitability it wants and last September unveiled plans to simplify and narrow its focus in a move to cut costs and improve profitability.

That included stopping offering wealth management services in about 130 countries by 2016.

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Head of Barclays' wealth business Horrell quits

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