Barclays restructuring management to comply with UK rules

Barclays is restructuring its management as part of a wider overhaul announced under Chief Executive Officer Jes Staley to comply with new U.K. rules and bolster profitability.

Bloomberg News reports that Barclays said on Tuesday it will create two core divisions -- Barclays U.K. and Barclays Corporate and International. Ashok Vaswani, who was chief executive for personal and corporate banking under the old structure, will run Barclays U.K., while Staley will be in charge of the other key unit until a permanent leader is named.

Vaswani said in a memo to staff seen by Bloomberg that Akshaya Bhargava will remain in charge of wealth management businesses forming parts of both new core divisions and report to him. Bhargava will take on additional responsibilities for offshore clients and small businesses with a turnover of less than $9m, he said.

The contents of the memo were confirmed by a spokesman at Barclays in London.

To access the complete Bloomberg News article hit the link below:

Barclays Reorganizes Management Amid Staley's Wider Overhaul

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