Barclays to shut wealth management services in 130 countries: FT

Barclays Plc 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, the Financial Times reported on Wednesday, citing the British bank.

Barclays announced plans in April to restructure its wealth business so it works more closely with retail and corporate banking divisions. Further details on the wealth strategy had been expected.

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.