Barclays to shut wealth management services in 130 countries

Barclays Plc (BARC.L) 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 said in a statement.

“We don’t expect overall global headcount to change significantly, but some roles will fall away as a result of new segmentation and investment in technology.”

Barclays announced plans in April to restructure its wealth business so it works more closely with retail and corporate banking divisions.

The bank appointed Peter Horrell as the wealth and investment management unit’s chief executive on Monday. Horrell has held the position on an interim basis since May.