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What next for Barclays’ wealth business post-CEO exit?
by Danielle Levy on Jul 07, 2014 at 10:14
Overall, he expects to see further scaling back in the UK wealth market and some potential sales of parts of the international business. ‘You can see part of the UK business pushed into UK retail banking and parts of it up for sale. They could move into the exit squad.’
A spokeswoman for the bank said W&I’s strategy remained unchanged despite Horrell’s impending departure.
She added there are no plans to up the £500,000 threshold, saying: ‘Wealth & Investment Management continues to be a key area of growth within Barclays, and the number of initiatives and activities in the pipeline demonstrates the ongoing investment into the business to support its growth plans.
‘The integration of the business means that we can accelerate and further enhance the offering to high net worth clients,’ she added, citing the planned launch of a direct-to-consumer offering Wealth Direct as an example.
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